Maryland  |  Bankruptcy

Legal Question

Asked on: 8/21/07, 11:15 am

equity in home

If a client qualifies for a chapter 7 under means test income, but has approx. $10,000 in un-exempt equity in her home, would she need to file a ch. 13 to protect the equity?

1 Answer

Answered on: 8/22/07, 9:15 am by Daniel Press

Re: equity in home

Probably - a Ch. 7 trustee would probably sell the house for that equity. But make sure there is really equity after costs of sale; if not, a 7 is probably safe. And you need to be sure of the value to be safe with a 7. See an experienced bankruptcy lawyer who can advise you.

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