A property different in general ‘s the extent that the fresh new legislation handles something that you very own, or handles brand new security within the something that you very own, from the financial institutions
Equity ‘s the value of things beyond your balance on they. So long as the latest homestead exception applicable for your requirements is actually $20,000 or higher, you could potentially document case of bankruptcy and your financial institutions are certain to get zero right to your home or the collateral in this house.
Read moreChapter 7 and Part thirteen–An excessive amount of Guarantee of your home
