Legal Question in Bankruptcy in Virginia

Chapter 7

I have 2 quick questions. I owe $150,000 to unsecured creditors, my husband has nothing to do with my debt. My husband is not in Bankruptcy. Our home is worth $450,000 and we owe $150,000. I own my home with my husband as tenants by the entireties. How much equity in the home cane be paid to mu unsecured creditors, if any? And why?

Also, How come my 401(k) is not available to my trustee to pay unsecured creditors?

Asked on 7/03/05, 10:50 am

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.
0 users found helpful
0 attorneys agreed

Re: Chapter 7

If all of your unsecured debt is not joint - owewd by you alone - the equity in your home is not available to unsecured creditors unless it was transferred to entireties after the debt was incurred as a fraudulent transfer. Your 401k is exempt because Congress said so. You should consult with a competent bankruptcy lawyer on these issuues to make sure that your filing is done right. Mistakes could be costly here.

Read more
Answered on 7/04/05, 4:29 am

Related Questions & Answers

More Bankruptcy Law questions and answers in Virginia

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Bankruptcy Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now