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legalg, Attorney
Category: Bankruptcy Law
Satisfied Customers: 10484
Experience:  General Practitioner
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If you file a chapter 7 bankruptcy and I own a house free

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If you file a chapter 7 bankruptcy and I own a house free and clear that's worth 15000 can I keep the house? if so do I have to claim it as an exemption
It depends. Each state has an exemption amount which allows the petitioner to keep their house if the equity is below the exempted amount. Otherwise the trustee may sell the house to access the equity and pay off creditors.
Customer: replied 24 days ago.
How can i find out what the exemption amount is for Maryland
$23,675 as they have adopted the federal exemption.
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