Question about protecting a house in bankruptcy
Question Details: 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.
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.