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Bankruptcy doesn't always mean losing your home. Understanding the rules can help you make the best decision for your financial fresh start.
In Chapter 7, non-exempt assets may be sold to pay creditors — but New York's homestead exemption may protect some equity. In Chapter 13, you typically keep your home while following a repayment plan.
Yes, but you need court approval (called a 'motion to sell'). Your bankruptcy trustee and attorney guide this process. The proceeds go toward satisfying creditors, but remaining equity may be yours.
Not necessarily. New York's homestead exemption (up to $179,975 in Dutchess County) may protect your home equity.
Yes, but you need court approval through a motion to sell. Your bankruptcy attorney files the motion, and the trustee must agree that the sale is in the best interest of creditors.
In Chapter 7, the mortgage lien survives bankruptcy — you keep paying or lose the home. In Chapter 13, you can catch up on missed payments through a repayment plan while keeping the property.
Yes, but there are waiting periods. FHA loans may be available 2 years after a Chapter 7 discharge, 1 year into a Chapter 13 plan. Conventional loans typically require a 4-year wait after Chapter 7.
New York's homestead exemption protects a certain amount of equity in your primary residence from creditors. The amount varies by county — in Dutchess County, it's up to $179,975 per individual filing.
In Chapter 7, the trustee may seek to sell the property if your equity exceeds the homestead exemption. If the exemption covers all your equity, the trustee has no incentive to sell.
Absolutely. Selling assets before or during bankruptcy has specific legal implications. Selling for less than fair value, or transferring the property to a relative, can be challenged as a fraudulent transfer.
We work with bankruptcy attorneys to help you understand whether selling is in your best interest.
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