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trying to figure out what this means

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    trying to figure out what this means


    #2
    What state are you in? I don't remember if you mentioned it earlier.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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      #3
      minnesota

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        #4
        for what its worth, minnesota is one of the 15 states where you can file for federal or state exemption

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          #5
          what's your property worth?

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            #6
            roughly 250k the heloc at 150k though is the true value of the home.

            250k is what it could probably sell for on the market.

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              #7
              Are you wanting to try to keep it? Or are you going try selling it? I looked at Minnesota's exemptions in the C7 book, and between that and the Federal, it looks like you have some nice options there.....
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

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                #8
                Originally posted by AngelinaCat View Post
                Are you wanting to try to keep it? Or are you going try selling it? I looked at Minnesota's exemptions in the C7 book, and between that and the Federal, it looks like you have some nice options there.....
                would like to try and keep it. what would be my options? thanks

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                  #9
                  If there's equity, you'll need to figure out whether any "homestead exemption" available to you is equal to or greater than the equity in the property. If the equity is all exempt, you can keep the house, as long as you pay the mortgages. If there's more equity than the allowed exemption, it's possible you could lose the home. In that case, you may wish to consider a Chapter 13 bankruptcy.

                  minnesota has a 200k exemption, meaning i would be able to keep the house if i filed for chapter 7, since my equity is 150k. am i reading this right?

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