Debt Negotiation Zone » homestead exemption http://debtnegotiationzone.com Debt Negotiation Fri, 19 Aug 2011 22:59:35 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Can The Bankruptcy Court Make Me Sell My House? http://debtnegotiationzone.com/can-the-bankruptcy-court-make-me-sell-my-house/ http://debtnegotiationzone.com/can-the-bankruptcy-court-make-me-sell-my-house/#comments Wed, 19 Nov 2008 00:23:58 +0000 admin http://debtnegotiationzone.com/?p=395 Can bankruptcy court make your sell your home?  Many people think that because you are in bankruptcy that your home is off limits to your creditors.  Remember that most homestead exemptions only cover $150,000 worth of equity.

Example Of When A Bankruptcy Judge May Make You Sell Your Home

Lets say that you own a $2,000,000 home with a mortgage and you have credit card debt that is unpaid.  The bankruptcy court may deem that your $15000 mortgage payment is an obstacle to you paying your credit card bills.  If you only had a $2500 mortgage or rent payment you would be able to pay your bills.  From this stand point a bankruptcy judge may order you to put the home on the market and sell it.  It makes sense though.  When is too much too much?  You may not be able to keep up on your luxury but at least your bills will be paid.

This information is of general interest only.  If you need bankruptcy advice, seek the services of a qualified attorney.

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