How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
4 Bankruptcy Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

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...
characters left:
4 Bankruptcy Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Equity Questions

  • I am negotiating with my credit card for a reduction of my

    I am negotiating with my credit card for a reduction of my card debt. If I fail to comply with the scheduled payment, can I still get debt relief by filing Chapter 7 ?
  • I had my Chapter 13 case converted to Chapter 11 but I never

    I had my Chapter 13 case converted to Chapter 11 but I never filed a list of the debtors equity security holders of each class in accordance to BR 1007 (a)(3) or the 20 largest creditors according to BR 1007 (d) I am thinking it was impossible to get a confirmable plan approved?
  • My husband makes a total of 45000 a year, starting this year.

    My husband makes a total of 45000 a year, starting this year. I ended up using credit cards and loans, payday loans, personal loans, personal credit, bank credits, charge accounts etc from the past 8 years until recently and are now over 100,000 in debt. We have 5 children 2 of which were surprises as I was deemed infertile after my 3rd child from health problems I suffered from. I've ended up over drafting my bank account so badly but making 600 payments so far to try and get it up to date but a lot of the debts payments were supposed to be wire transfers and due to my overdraft I'm unable to make those payments. We own our own home no mortgage and both our cars aren't even worth 6000 each, they're quite old. Our home has a tax home exempt value of 11000. We live in illinois. I've been wanting to speak with a bankruptcy attorney but I was told by a friend since we own our home well lose it. I'm scared to get locked up, since major purchases were done recently adding us into the over 100,000 debt. I'm scared to also lose my home, the items purchased, and be locked up... I don't know what to do...our home has a fair market value of 55000 and a rebuild value depending on insurance company of 100,000. Please help... gasping for air.
< Last | Next >
View More Bankruptcy Law Questions