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If you file for Bankrupcy in Pa, and you own your home, can

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your home be taken away?...
If you file for Bankrupcy in Pa, and you own your home, can your home be taken away?
Submitted: 7 years ago.Category: Bankruptcy Law
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3/2/2010
Bankruptcy Lawyer: Terry L., Attorney replied 7 years ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hi and thanks for your question.

The answer is -it depends.

In Penn. there is no homestead exemption to protect equity.
If you are married, and the home is owned by tenancy by the entirety -it is then exempt (protected) without limit as to debts of one spouse [In re McCormick, 18 B.R. 911 (W D. Pa. 1982)].

If the property is mortgaged out,, with no equity, then there is no issue (or usually even if less than 5% equity, since that amount is what it would cost to liquidate).

Otherwise, if there is equity, then you can file a chapter 13 to pay back enough of the consumer debt to protect the equity.

Talk to a local bankruptcy attorney to review your situation and home equity, and they can give you a free consultation about your case.
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