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trying to figure out what this means
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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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Originally posted by AngelinaCat View PostAre 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.....
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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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