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Guru_Guy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2418
Experience:  Years of experience providing advice on bankruptcy and other alternatives to debt problems.
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will I lose my house

Resolved Question:

2,500/mo. household income; 50,000 credit card debt;65,000 house with 30,000 mortgage;10,000 total worth of cars; no other assets or debts
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  Guru_Guy replied 9 years ago.

Your exemptions depend on your State. In what State will you be filing bankruptcy?

Customer: replied 9 years ago.
Reply to Guru_Guy's Post: Kentucky
Expert:  Guru_Guy replied 9 years ago.
Under Kentucky law, you can keep up to $5000 in equity on your property as well as $2500 on cars. If you want to keep additional money you can take out additional loans on the home so that you only have $5000 in equity. Those loans would be used to repay your debts. The same thing could be done with the cars.

Otherwise, you will have to sell the home and can keep $5000 in equity as proceeds from the sale. The rest would go to the creditors.

I hope this answers your question.


Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
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