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Can I claim a bankruptcy on my crdit cards while owning a home?
Optional Information: Country relating to Question: United States State (if USA): New York
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It is possible to file a bankruptcy when you own a home, you could file either a chapter 7 or chapter 13, if you live in NY, their is a significant homested exemption which allows you to keep equity in your home if you have any, and still file a bankruptcy.
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For example if you have a home paid for and it is in NYC if worht less then $150,000 you can keep the property withou any worry.
When you file for bankruptcy in New York and own a home, you can protect a house, condominium or cooperative unit, or mobile home with equity of up to
If you have a mortgage you must keep paying it or the mortgage holder can foreclose on the home.
It's important to remember that the homestead exemption may be used only on your primary residence - so if you own multiple properties you can use it in only the one in which you live. Similarly, you cannot claim a homestead exemption on a property that is purely an investment or rental property.
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