Does personal bankruptcy protect you from having your house or other property seized?
June 23, 2010 
4 Comments
morknews asked:
When filing personal bankruptcy, does it protect you from having your home or any other property in your name from getting seized?
When filing personal bankruptcy, does it protect you from having your home or any other property in your name from getting seized?
Yes, it offers you protection from being thrown out in the street, but its all up to the judge ultimately
temporarily yes.
Depending on what state you are in, the judge could order your home or assets sold to fulfill your obligations.
Also depends if you are chapter 7 or 13 bankruptcy
The only asset that seems to be protected is Retirement Savings such as 401K.
That depends on the type of bankruptcy you qualify for.
If you mean that you won’t lose a house you stopped making payments on… No… this type of loan is not covered in bankruptcy. (secured loans).
If you think that racking up unsecured bills and wiping them out in bankruptcy without liquidating any real assets first happens all the time… you need to think again. A judge can take away your second homes and other assets to satisfy your obligations towards your creditors.
Nobody here can give you 100% legal advise. Contact an attorney and let them advise you.
I would visit They have a lot of good information on bankruptcy questions.