Mr. Peepers
Senior Member
Thank you OldandTired for blowing Mr Peepers's argument out of the water. I'd give you some of my measly REPs, but I need to spread them around a bit more according to the forum rules.
Yes hell you can lose your house.
When it comes to Chapter 7 bankruptcy, you'll be forced to liquidate all your non-exempted assets to pay your debts and bills. The thing is that those who apply to Chapter 7 don't have many assets to begin with. If that sounds like you, then you may not have to give up most of what assets you do have left.
But be careful -- you may also stand to lose your home after you file for bankruptcy, or at least lose most of its value.
Homestead exemptions vary from state to state, so it's always a good idea to discuss this issue closely with your bankruptcy attorney. This is important if you don't want to lose your house just by filing bankruptcy.
http://ezinearticles.com/?What-You-Can-Lose-in-Bankruptcy,-Part-One&id=2693535