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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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I am renting my house out and staying with someone rent free

Customer Question

I am renting my house out and staying with someone rent free (financial troubles). Can I file for bankruptcy in CT?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. That depends. If there is equity in your rental of more than $18000, you cannot claim that excess equity exempt and file bk. likewise, if the property has little lor no equity, you can file. So check with a realtor and then make an appointment with a bk attorney.

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Customer: replied 5 years ago.
so, after paying leans (mortgage + loc), the equity cannot exceed $18,000? (Just clarifying)

Do you practice in CT? I need an atty.
Expert:  dylatess replied 5 years ago.
That is correct. And you can also deduct a seven percent commission. In other words, what would you net if the house sold. For a referral, go to as this site does not permit direct contact.