Chapter 7 question

[el_esm]

What is the name of your state (only U.S. law)? Missouri
I am going to apply for Chapter 7 and was wondering what would happen to the house I purchased….

I got divorced about 4 months ago and in a 2 months purchased a condo with 5% down payment (took as a home loan from my 401 k). I was told that I have a good chance to be able to keep my car that worse about 15000 (still own 12700 on it) and the credit card debts will be wiped out. But what about the condo I own?
Thank you,

 

[bigun]

Depends on how much equity your state exempts in bk.

 

[Mass_Shyster]

What is the name of your state (only U.S. law)? Missouri
I am going to apply for Chapter 7 and was wondering what would happen to the house I purchased….

I got divorced about 4 months ago and in a 2 months purchased a condo with 5% down payment (took as a home loan from my 401 k). I was told that I have a good chance to be able to keep my car that worse about 15000 (still own 12700 on it) and the credit card debts will be wiped out. But what about the condo I own?
Thank you,

Under the Federal Code, you can exempt $21,625 of home equity and $3,450 in one motor vehicle. So if your equity is less than $21,625, you may be able to keep it and your car.

Your 401(k) may also be exempted, depending on how it's set up.

You should see an bankruptcy attorney.

11 U.S.C. 522

(d) The following property may be exempted under subsection (b)(2) of this section:

(1) The debtor's aggregate interest, not to exceed $21,625 [FN1] in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

(2) The debtor's interest, not to exceed $3,450 [FN1] in value, in one motor vehicle.