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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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im thinking about filing bankruptcy and i was wondering should

Customer Question

im thinking about filing bankruptcy and i was wondering should i try and buy a home i can afford before filing are would there be a chance in losing that home to in the bankruptcy
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You would be able to purchase a home and keep it if you have limited equity in the home, if you will pay all cash for the loan, then it is possible it can be taken and sold to pay off creditors. It would be best to have a loan on the property so their is limited equity.

WALLSTREETESQ :

In WY, their is also a $20,000 homestead protection, so if the property equity will be less then $20,000 you would have no problem in keeping it.

Real property you occupy to $20,000 or house trailer you occupy to $6,000 (joint owners may double)
Wyo. Stat. § 1-20-101
Wyo. Stat. § 1-20-102
Wyo. Stat. § 1-20-104

WALLSTREETESQ :

As of July 2012, each owner of a home can exempt up to $20,000 (before $10,000) in equity of a Wyoming home in which they live. Thus a couple who are both owners of a home can exempt up to $40,000. If the home is a mobile home, the exemption is limited to $6,000 per person in the mobile home, but the other $14,000 may be claimed in the lot on which the mobile home sits.

Customer: replied 4 years ago.
thank you
Expert:  WALLSTREETESQ replied 4 years ago.
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