Legal Question in Bankruptcy in Virginia

saving home

Myself and my husband are in debt for medical & credit,ets

bills. Approximately 40,000.We own our house. It is appr. at

$42,000. It will be payed off in 6 years. Is chapter 13 our

best option to save our home from creditors?If we file chapter 7 will they take our home?


Asked on 3/25/04, 3:25 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: saving home

Depending on what you owe on the home, and how much of your homestead exemption entitlement you have to use up to save other assets, you may or may not lose the home in a Chap. 7. If you face that risk, Chapter 13 may be a better option, but you will have to pay over 3-5 years at least the amount that creditors would have received in a Ch. 7. You should consult with a competent bankruptcy lawyer to advise you.

Read more
Answered on 3/25/04, 3:58 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Virginia