A homestead exemption is a legal provision that allows homeowners to protect a certain amount of equity in their primary residence from being seized by creditors in the event of bankruptcy.
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Can I file bankruptcy with a rental property?
Keeping Rental Property in Chapter 7 Bankruptcy Chapter 7 bankruptcy is commonly called liquidation bankruptcy. Since the appointed bankruptcy trustee has the power to sell your non-exempt assets to pay back your debts and can sell your property to reimburse your creditors. However you are allowed to keep a certain amount of property in Chapter… Continue reading Can I file bankruptcy with a rental property?