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Whether or not a person will lose their home when filing bankruptcy depends on the value of the home as well as the complete evaluation of a Long Island Bankruptcy Lawyer.

To determine whether one can lose a home in bankruptcy one needs an evaluation of the home as to its current value. In the state of New York an individual is given a 50,000 dollar exemption in their home, married couple get a 100,000 dollar exemption in their home. That means that if you have 300,000 dollar mortgage and the house is worth 400,000 dollar and it is owned jointly by a husband and wife you can retain the house and there is no problem. If the equity were more than 100,000 dollars then there would be the need for a very detailed discussion with a bankruptcy attorney to show how you can keep the house and yet still file bankruptcy.

More Bankruptcy Videos

Jacoby & Jacoby: Melvyn Jacoby, the senior managing partner at Jacoby & Jacoby, ... Play Video
Is Bankruptcy Right For Me?: A bankruptcy attorney from Jacoby & Jacoby will analyze your financial ... Play Video
Bankruptcy Myths: Long Island Bankruptcy Attorney Melvyn Jacoby exposes the myths of ... Play Video
Chapter 7 Bankruptcy: Chapter 7 bankruptcy allows individuals to get rid of unsecured debt ... Play Video
Chapter 13 Bankruptcy: Chapter 13 bankruptcy allows an individual to retain certain types of ... Play Video
Asset Exemptions: When filing bankruptcy in New York, individuals can get exemptions ... Play Video
How Does Bankruptcy Affect My Credit?: Long Island Bankruptcy Lawyer Melvyn Jacoby explains the effect of ... Play Video
Will I Lose My Car?: Whether or not a person can retain their car when filing bankruptcy is ... Play Video
Can I Buy a Home After Bankruptcy?: Individuals who file bankruptcy often go on to become homeowners ... Play Video
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