Can they take my house in Chapter 7?
Date: Wed, 03/04/2009 - 18:43
I live in IA and am buying a house on contract. It is worth less than 30000. This is a very old house, in various stages of being worked on. I have a few years left on this contract.
I am fairly sure I would qualify for Chapter 7. This is my big concern that they would take the only place I have to live away from me. Just a few more years and I have no more house payments or rent.
I am also concerned about my only vehicle, I have to use it for work. It is a 2001 P/U truck and I tow a trailer with it for work. It is paid for but is my only way to do my job. I am self employed.
Until I can get in to talk to someone, I plan to see a credit counseler first, and depending on what they say a BK attroney next.
Thoughts...
I am fairly sure I would qualify for Chapter 7. This is my big concern that they would take the only place I have to live away from me. Just a few more years and I have no more house payments or rent.
I am also concerned about my only vehicle, I have to use it for work. It is a 2001 P/U truck and I tow a trailer with it for work. It is paid for but is my only way to do my job. I am self employed.
Until I can get in to talk to someone, I plan to see a credit counseler first, and depending on what they say a BK attroney next.
Thoughts...
You won't get a free house out of filing Chap 7. You'll have to
You won't get a free house out of filing Chap 7. You'll have to re-affirm that contract and keep making the payments if you want to keep the house.
Other than that, because you don't actually own the house yet, they couldn't take it to satisfy your other creditors.
As to your vehicle, it's value probably falls below your state exemption for a personal vehicle. As long as you can claim the vehicle exempt, you will be able to keep it.
