We have about 75,000 in credit card and unsecured loan debt. We own a house in Utah that we consider our primary residence as we rent in CA, we have not lived there since 2005 but plan to move back. We would like to file because the pymts have become unmanageable. Can we keep our house if we continue to make the payments. We are not currently behind on any payments.
2 Answers from Attorneys
There are issues to discuss with an attorney. For instance, where do you pay taxes? By what state are your drivers' licenses issued? Also, do you have equity in the house? Please let me know if you require attorney assistance.
Homesteads are protected under bankruptcy law. This means you must have taken up residence at the Utah home as your primary residence in order to benefit from homested protection. Assuming you have equity worth protecting (the property is not upside down) I suggest you return earlier and take up residence at this property and postpone filing your bankruptcy, until you locate a competent bankruptcy attorney in Utah.