Kate Posted May 14, 2007 Report Share Posted May 14, 2007 --- Link to comment Share on other sites More sharing options...
bingo Posted May 14, 2007 Report Share Posted May 14, 2007 The negative equity in one asset has no affect on the equity levels of other assets that your state allows as an exemption.Sorry, no offsets. Link to comment Share on other sites More sharing options...
Methuss Posted May 14, 2007 Report Share Posted May 14, 2007 No. Negative equity in real property does not off-set equity in other areas. The only thing that comes about from your example is that the bankruptcy trustee will abandon* the house to you if you are filing chapter 7.*That means the trustee won't be interrested in selling the house to pay your debts. As long as you keep up the mortgage payments you can keep the house. Link to comment Share on other sites More sharing options...
momof5 Posted May 15, 2007 Report Share Posted May 15, 2007 It also depends on your state....in Texas they cant take your house, your car (1 ea) or your gun.I understand FL is also quite generous in exemptions...that is why OJ moved here after the judgment! Link to comment Share on other sites More sharing options...
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