As long as your mortgage payments are current and your home's equity is less than this exemption amount, it is likely that you will be able to retain your home after your bankruptcy case has run its course. The exemption is state-specific, and each state has its own criteria for calculating and applying it in a bankruptcy proceeding.
To utilize this provision, you must be a resident of the state in which you file for bankruptcy. Each state has its own domicile requirements for determining who qualifies as a resident of that state. If you are uncertain about your domicile status, you may wish to consult with a bankruptcy attorney in that state before filing.
The manner in which your exemption is computed also varies by state. In some jurisdictions, for instance, the homestead exemption is a pure monetary amount. In other jurisdictions, however, it depends on the size of your lot. In still others, it is based on both lot size and monetary value.
There are numerous variables that determine whether you will be able to keep your residence after filing for bankruptcy. The most important of these factors, however, is your homestead exemption. Therefore, if you have any confusion regarding the applicability of the homestead exemption in your state, you should seek legal counsel before filing for bankruptcy.
In all but the rarest of instances, the rule applies only to your primary residence - the one in which you reside. In other words, if you reside in Illinois and also own a vacation residence in Wisconsin, the second home is not exempt from property taxes.
This means that it can be sold or auctioned off in order to repay your creditors. Mobile homes and house boats qualify for the homestead exemption if they are the principal residence.
When filing for bankruptcy in the majority of states, the domicile rule is automatically considered and taken into account. In other states, however, you must specifically apply for the benefit in order to receive it. Consult with your attorney to ascertain the applicable state regulations.""
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