In a Chapter 13 bankruptcy, you may be able to use the homestead exemption to protect some or all of the equity in your home. However, the amount of equity you can protect will depend on the specific rules of your state and the terms of your repayment plan.
In some states, such as Texas and Florida, there are unlimited homestead exemptions that allow debtors to protect all of the equity in their homes, regardless of the value. Other states, such as North Carolina and Wyoming, have more limited homestead exemptions that may only protect a certain amount of equity.
If you have a significant amount of equity in your home, your bankruptcy trustee may require you to pay back some or all of your unsecured debts through your repayment plan. This is because the bankruptcy court will want to ensure that your creditors are receiving a fair share of your assets.
It is important to work with a qualified bankruptcy attorney to understand the homestead exemption rules in your state and to determine how much of your home's equity you can protect in a Chapter 13 bankruptcy. Your attorney can also help you create a repayment plan that meets the requirements of the bankruptcy court and that allows you to keep your home while still repaying your debts.
If you own a business and need to file for Chapter 13 bankruptcy, it is important to understand the implications for your business and your personal finances. In a Chapter 7 bankruptcy, the business's assets will be sold and the proceeds will be used to pay off its creditors. After the bankruptcy is complete, the business will be dissolved.
It is important to work with a qualified bankruptcy attorney who can help you. If you are interested in filing bankruptcy please contact Hishaw Law LLC at 1.307.228.0407 if your located within the state of Wyoming or 1.704.218.9883 if you live in the Charlotte, North Carolina area or email us at jhishaw@hishawlaw.com.
