Chapter 7



Hello everyone,

I am sure glad I found this newsgroup. I must apologize if this question has
already been answered but I am new to "news" and so here it goes. When I
file for Ch7 (no job, no income, an old car and a bare minimal household),
how is the "allowable" equity in my house determined? It is my understanding
that a "small" amount of equity is allowed. I might be able to find a friend
that will keep my current mortgage up to date. Do my non-exempt debts need
to be larger than my equity or am I going to put in the street one way or
How does one pay for a lawyer when the money has long since gone?
Thank you for any kind response, I really can use it just about now.....



Brett Weiss

The equity is the net remaining after the mortgage(s) payoff,
sales expenses (usually 10%) and other liens are subtracted from
the market value of the house. Depeding on which state you live
in and the details of your case, you may be able to exempt some
or all of the equity and keep your house despite the bankruptcy.
(And if there is no equity, you can keep the house as long as the
payments are kept current.)

I have written a Bankruptcy FAQ which should answer many of your
questions about what is involved--it may be found at

I strongly recommend speaking with a local bankruptcy attorney.
Most offer free initial consultations and he or she should be
able to review your specific situation and let you know what you
can and can't do. If you're in Maryland, DC or Virginia, please
let me know--we may be able to help.

Take care.


* Personal Injury/Malpractice Bankruptcy *
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* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
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* Small Business Estates & Estate Planning *

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.

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