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we own our home out right, if we file Bankruptcy would we loose our home ?

1 Answers. Asked on May 22nd, 2017 on Bankruptcy - Michigan
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We are thinking of filing Bankruptcy because we are so depressed in our lives and have been for years, we own our home which is only worth around 80-90,thousand, its the only thing we have, if we file will we loose our home ?
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Answered on May 26th, 2017 at 6:40 AM

If your home is without a mortgage, you can only protect about $44000 of equity (about $56,000 if one of you is oer 65) against joint debts. If your debts are not joint, you are in much better shape. See a good local bankruptcy lawyer. Good Luck.

David J. Hutchinson 106 N. 4th Ave Ann Arbor, MI 734-930-9000

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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