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Equity Law

In many cases of bankruptcy equity is often a topic of interest. Those contemplating filing bankruptcy are often unsure of which kind of bankruptcy is right for them. There are many factors to consider. Is there equity in the home? Is there a Home Equity Line Of Credit (HELOC)? Knowing what your equity is will help in the determination of how to proceed with a bankruptcy choice. These factors often lead to questions like the ones answered below.

I live in Missouri and owe 100k on my house and 68k in a home equity line of credit. In a chapter 7 bankruptcy will I be able to keep my house?

In a Chapter 7 bankruptcy an individual will need to make payments on both the mortgage and the home equity line of credit (HELOC) in order to keep the home. If payments are not made then the lenders can proceed with foreclosures on the mortgage and the HELOC because the debts are secured by the house.

In a Chapter 13 bankruptcy a different scenario can happen. If your house is worth less than the mortgage and HELOC, then you can classify the HELOC as an unsecured debt. This will allow you to pay off the HELCO at the same interest rate as credit cards under whatever your chapter 13 plan may include. This is typically referred to as cram down or lien strip.

Does having equity in my home prevent me from being able to file for bankruptcy in New Jersey?

Equity will play a part. You will need to find out how much equity you have in your home. If you were to sell your house, how much would you make over what you owe? This would be your equity. In New Jersey you can use the Federal exemption (Homestead exemption). This exemption allows for the equity in the home to be exempt up to $21,625. However if you are married, filing jointly then this can be doubled.

I own a house in Texas with lots of equity in it. Can I file for bankruptcy even though I have all this equity?

There are different factors that will come into play. Whether the home is in a town, city or village, and how many acres the home is on. The Texas homestead exemption is unlimited for any home in a town on less than 10 acres. Texas Prop. 41.001 This means you would not lose your home no matter how much equity you had in it.

My ex-wife has just been discharged from all in a chapter 7 that she filed. She was primary on both the mortgage and equity line of credit. Can I file for chapter 13 and keep the house even though she filed a chapter 7?

Your ex-wife’s bankruptcy discharged her liability for paying the home equity loan, but it did not take away your liability in paying it. Since you are also co-borrower on the mortgage and HELOC then you also have a right to file for bankruptcy to discharge your liability to the loan. Filing a chapter 13 can allow you to keep the home. The balance of the unsecured portion of the home equity loan will be stripped (lien strip).

Having the right information and understanding of equity can help when dealing with questions regarding equity. Experts can help answer questions about the effect equity may have when filing bankruptcy or how home equity lines of credit can be discharged in bankruptcy. Get the answers fast and affordably by asking an Expert online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3317
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2389
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
cortrightlaw
Attorney
Satisfied Customers: 511
Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

Recent Equity Questions

  • i have a ny llc business in wholesale distribution that has

    i have a ny llc business in wholesale distribution that has been taken advantage by staff member, from false expenses, stealing goods, redirection of receivables, forged checks, etc. we have proof, and employee theft coverage policy in which we filed claims, i fired the key staff member when this all happend and he submitted a false claim act case against my company that was in retaliation to his firing. that claim is pending and the business has become in solvent completely with 2-350k inventory. there are some personal guaranty's that im concerned about but im thinking i may want to clear those up with the insurance company , whatever was legally purchased that is, and try to get out of the unsecured debts. or we can just liquidate all the assets, which i see as a waste because there is much value in the products i have instock. need assistance on where to start.
  • My business went bankrupt and closed in 10/2013. I still have

    My business went bankrupt and closed in 10/2013. I still have not been able to file for bankruptcy, and have received a Complaint on Breach of Contract with one of my lenders.
    What do I respond in my Answer to inform the courts of the pending bankruptcy?
    Thank you.
  • This is a chapter 7 question. The Debtor is married, but it

    This is a chapter 7 question. The Debtor is married, but it is not a joint case, only he filed. However, the Debtor and his wife are joint tenants / both on the deed to the house. The Debtor's spouse has had tax liens put on their real property / home. The unpaid taxes are only associated with her individually as the Debtor and his spouse file their taxes separately. Without the tax liens there is a large amount of equity in the home, substantially more than the state exemption of $5,000.00 will allow. With the tax liens, there is no equity in the house / real property. The Trustee is saying that the tax liens (all federal) do not count toward indebtedness on the subject property for the purposes of determining how much equity is in the house and that the tax liens are disregarded. Is this correct? Can the debtor
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