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I have the opportunity to rent out my primary residence and receive enough rent to pay my mortgage and rent a smaller house. Should my financial situation not improve and I file Chapter 7, is my house protected. I only own this one piece of property.
Asked on June 5, 2009 under Bankruptcy Law, Rhode Island
Answered 15 years ago | Contributor
Nothing is protected per se unless it falls under an exemption. Further, if your state recognizes a certain type of homestead exemption, you may have a chance at saving the house. It doesn't mean getting something for nothing though. Not a free ride.
Try reviewing the following on freeadvice.com to get a general overview and then consult with a bankruptcy attorney at www.attorneypages.com. Playing hide the ball or asset is not a good idea, either.
https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/292/
https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/
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