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Question By
rudeoff666

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How much equity can you own and file bankruptcy?

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filing for BK when you own a home can be tricky. whatever you do, if you want to keep your home, keep making payments! and get an attorney is good advice. you'll need one for a BK anyway. 

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rtmims

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Enter Your ReplyWhat if you own your home?

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Random789644

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If you own your own home, you most likely will be able to keep it, especially for Chapter 13.

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Contact a bankruptcy attorney in your state.

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Not quite equity

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Bankruptcy is a calculation of how much debt you have, how many assets you have (of which equity is included), and how much income you get. Because of this, you will definitely have to get hold of a lawyer and let them help you make the call. Note that there are two main types of bankruptcy for individuals - Chapter 7 which writes it all off, and Chapter 13, which involved a partial repayment plan lasting from 3-5 years.  Best advice is to contact a couple of bankruptcy lawyers in your town (or nearest city) and talk to them... most of them have a free initial consultation, and can give you a good picture of what type of bankruptcy you can file for (e.g. if you make too much money or your overall debt isn't large enough, you're doing Chapter 13).

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I think it depends on your state but...

I live in SoCal and I was able to file a Ch7 with $122K equity in my home...

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