Posted on: 21st Nov, 2008 12:51 pm
have 2 properties. one is mortgaged - if to file bankruptcy will this change in deed protecte this property?
have 2 properties. one is mortgaged - if to file bankruptcy will this change in deed protecte this property?
Hi tres!
Welcome to forums!
As far as I can understand from your question, you are planning to include one of the properties, which has mortgage, in bankruptcy. You want to know if the other property will be protected or not.
As far as I know, it will depend upon what the house is worth and the amount of the exemptions applicable according to the state laws. Exemptions allow certain assets to be exempt from taken away by creditors either in or out of bankruptcy. There are some states in which you will be only able to claim the state law exemptions. In others, you can claim either the state or the federal bankruptcy exemptions. These exemptions vary from one state to another. It's better if you can consult with an experienced bankruptcy attorney and take his/her opinion.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I can understand from your question, you are planning to include one of the properties, which has mortgage, in bankruptcy. You want to know if the other property will be protected or not.
As far as I know, it will depend upon what the house is worth and the amount of the exemptions applicable according to the state laws. Exemptions allow certain assets to be exempt from taken away by creditors either in or out of bankruptcy. There are some states in which you will be only able to claim the state law exemptions. In others, you can claim either the state or the federal bankruptcy exemptions. These exemptions vary from one state to another. It's better if you can consult with an experienced bankruptcy attorney and take his/her opinion.
Feel free to ask if you have further queries.
Sussane