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.
