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by blockhead on November 3rd, 2004

blockhead

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Do you have to sell your home to file bankruptcy even if the house is paid for?

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  • by Thommy on November 5th, 2004

    Thommy

    Generally, "no". No, not if it is your homestead or residence in most cases. If you own two homes, then probably only one can be kept. However, you must show that you can make payments for your home's mortgage. There are different laws in different states pertaining to what assets you may keep. (e.g. In Texas, some of the items which you are entitled to keep besides your home are two guns, farming and ranching vehicles, two horses, mules, or donkeys plus a saddle, blanket and bridle for each, 12 head of cattle, 60 head of other types of livestock, and 120 fowl.... There are other, more germane possessions or assets, but I thought this 'Texas flair' was kind of cool.) There are also several different types of bankruptcy, i.e. Chapter 7 or Chapter 11 or Chapter 13. The rules may vary to the type filed.

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