Will I lose my home in new york if I claim bankruptcy?
State/Country relating to question: New York
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.)
yes i've lived in the home for 5 years
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
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.
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