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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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If we file for bankruptcy will we lose our home Purchased

Resolved Question:

If we file for bankruptcy will we lose our home? Purchased home Sept 2009, got the assessments for this year, purchased home for 198K, assessment is at 202k, we live in va
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question.

What state do you reside in? How much do you owe on your mortgage?
Customer: replied 7 years ago.
We live in VA, we owe about 192,000.00 we just bought the house in sept 2009 for 198,000.00
Expert:  Ellen replied 7 years ago.

You would be able to retain your home in a bankruptcy in Virginia provided you have filed your homestead declaration. Virginia permits a $10,000 homestead exemption for husband and wife filing. You appear to have a $6000 equity interest.
Here are the exemptions available for Virginia:
Ellen and 3 other Bankruptcy Law Specialists are ready to help you