Legal Question in Bankruptcy in Maryland

Keeping a house when filing bankruptcy

i was wondering if filing bankruptcy, do you have to give up your house. My house was appraised at 100,000 and i currently owe 38,000 on it. we have tremendous medical debt after having our second daughter and are credit cards are maxed out. So i was thinking about filing bankruptcy to get us out of this hole. We also own a lot appraised at 20,000 just for FYI.

Thanks for your time


Asked on 7/25/02, 1:33 pm

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

Re: Keeping a house when filing bankruptcy

Chances are, given the limited exemptions available in MD, that you have too much equity to keep it in a Chap. 7 (unless it is owned by the entireties (with your spouse) and you have no joint debt). But I'm sure the medical bills are joint. If you need time to pay and relief from interest, you may want to consider filing a Chapter 13, but you probably will have to pay 100% of what you owe.

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Answered on 7/25/02, 9:32 pm


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