Posted on: 29th Jan, 2009 01:33 pm
hello, If your home is paid for, but you have little to no income,can you file bankruptcy and keep your home lien free?
Hi jonathansmyth,
If you file Chapter 7, then your property will be liquidated to pay off the creditors. Thus, in this case your property will be sold off. If you file Chapter 13, then the creditors may give you a repayment plan to pay off the debts within 3-5 years. In that case, you will be able to save the property. You may also speak to a bankruptcy attorney before filing any kind of bankruptcy.
Thanks
If you file Chapter 7, then your property will be liquidated to pay off the creditors. Thus, in this case your property will be sold off. If you file Chapter 13, then the creditors may give you a repayment plan to pay off the debts within 3-5 years. In that case, you will be able to save the property. You may also speak to a bankruptcy attorney before filing any kind of bankruptcy.
Thanks
I very much appreciate your help..it will come back to you@
Thank you again! Jon
Thank you again! Jon