Equity in my Home

edward123

Junior Member

Bankruptcy Newbie

Joined: Apr 2006

Posts: 11
#1

Equity in my Home

07-31-2006, 11:50 AM

Hi,

My primary residence is worth $590K and my 1st and second mortgages add upto $485K, leaving $105K equity in my residence. If I file Chapter 7, can they make sell my primary residence? What is the max amount I can protect in the primary residence? I live in California. We are filing with my spouse.

Thanks
Tags: None
SinkingFast

Senior Member

Bankruptcy Guru

Joined: Jan 2006

Posts: 6765

State: Indiana
#2

07-31-2006, 12:29 PM

CA exemptions are a bit confusing, Edward. Maybe someone that's filed there will respond here for you.

There are 2 systems of exemptions in CA. Filers have to choose one. Here's a link to a website that explains the CA Exemptions:

http://www.californiabankruptcy.info/exemptions.html

It kinda looks like your house would be safe, but then again, it's not real clear.

Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007

I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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