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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39172
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I live in CT if I file Bankruptcy will I lose my house.Thanks

Customer Question

I live in CT if I file Bankruptcy will I lose my house.

Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.
Per CT. Gen. Stat. 52-352b(t), if your home has less than $75,000 in equity, then it cannot be sold in Chapter 7 bankruptcy. Otherwise, it can be sold to pay your creditors, and you would receive the first $75,000 in equity from the sale.

Hope this helps.

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Customer: replied 5 years ago.
Does this meen I don't have to pay?
thanks XXXXXX
Expert:  socrateaser replied 5 years ago.
I don't know, because I don't know what your home is worth. If it's worth more than $75,000, then it can be sold to pay your creditors and so you would have to find a way to pay off the credit card debt. Otherwise, you would not have to pay, because you are "judgment proof" (to use the vernacular of the debt collection industry).

Hope this helps.