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Will I lose my home in new york if I claim bankruptcy?

 
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  • Answered by:cfortunato
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Customer Question

Will I lose my home in new york if I claim bankruptcy?

 

Optional Information:
State/Country relating to question: New York

Already Tried:
Ignoring creditors

Submitted: 251 days and 6 hours ago.
Category: Bankruptcy Law
Value: $25
Status: CLOSED
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Expert:  cfortunato replied 251 days and 6 hours ago.

Hi - my name is XXXXX XXXXX X'm a Bankruptcy attorney here to assist you.

1) Have you lived in New York continuously for the past 2 years?

2) What county do you live in?

3) What is the current market value of you home?

4) What is the balance - if any - on the mortgage?

5) Are you current with the mortgage payments?

(Sorry for all the questions.)

Customer replied 251 days and 6 hours ago.

yes i've lived in the home for 5 years


delaware county


don't know the market value, but is is assessed around 70k and I've done improvements


the balance is 55k


yes I am current with my mortgage payments

Accepted Answer

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Expert:  cfortunato replied 251 days and 5 hours ago.

Thank you for your response.

 

The Bankruptcy homestead exemption for Delaware County is $75,000. Since your house has less than $75,000 equity, you would be able to keep you home if you file a Bankruptcy. (Equity = current market value minus the balance on the mortgage).

 

I think this is what you wanted to know. If not, please let me know.

Thank you.

cfortunato41136.9313579861

Expert TypeAttorney
Category: Bankruptcy Law
Pos. Feedback: 99.5 %
Accepts: 3003
Answered: 8/15/2012

Experience: Bankruptcy professor.

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