Bankruptcy With House
Description
How to fill out Complaint Objecting To Discharge In Bankruptcy Proceedings For Concealment By Debtor And Omitting From Schedules Fraudulently Transferred Property?
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FAQ
You could lose assets of value Depending on which type of bankruptcy you qualify for, your income, the equity in your assets and other factors, you may lose your home, your car and other valuable items. Your trustee may be required to sell these items to repay your creditors.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.
You may hear it called a ?liquidation? bankruptcy because your trustee can liquidate, or sell off, an nonexempt property. This might sound scary but rest assured that most Chapter 7 filers do not lose any property because their property is protected by exemptions.
If one of the owners files bankruptcy, then that owner's fractional interest becomes property of the bankruptcy, and any equity in that asset must be exempted or, if not exempted, be subject to being sold by the Bankruptcy trustee.