16 Apr Bankruptcy And Homes In Minnesota
If you are thinking about filing for bankruptcy in Minnesota you are probably worried about losing your house. The main issues to look at when a Debtor owns a home and files for bankruptcy protection is does the house have equity. If the house does not have equity you will normally use the federal bankruptcy exemptions. If the house has a good bit of equity you may have to use the Minnesota exemptions. The main differences in these exemptions is the amount of equity a person can exempt on a house.
When I talk to potential bankruptcy clients, they will often ask me if bankruptcy will make them lose their house. The answer in most cases is no, bankruptcy will not cause you to lose your home. In many cases bankruptcy helps people stay in their home because it gets rid of other secured debt. A chapter 13 bankruptcy also helps our clients by helping them catch up on past due house payments, over the course of the bankruptcy payment plan. Our office is seeing an increase in home values around Minneapolis and the surrounding suburbs, so we sometimes need to get a valuation done on homes before filing for bankruptcy. For more information you can visit us online at www.bolinskelaw.com.