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Even in the USA, your home (if owned) cannot be taken if you owe debts. Bankruptcy allows you took your home, car and a little money.
by Upstate NY on Sun Feb 17th, 2013 at 04:02:50 PM EST
[ Parent ]
Not in all states.

Hey, Grandma Moses started late!
by LEP on Sun Feb 17th, 2013 at 04:19:47 PM EST
[ Parent ]
Really? I'm surprised, I thought bankruptcy was federal law. The Chapters are all federal and all bankruptcies are adjudicated in federal court since creditors are from far flung states.
by Upstate NY on Sun Feb 17th, 2013 at 05:50:28 PM EST
[ Parent ]
Property and forclosure law are state law.

Hey, Grandma Moses started late!
by LEP on Sun Feb 17th, 2013 at 05:54:55 PM EST
[ Parent ]
Right, but when it comes to bankruptcy, federal laws prevent seizure of home by creditors (if you own it, that is).
by Upstate NY on Mon Feb 18th, 2013 at 08:51:55 AM EST
[ Parent ]
Bankruptcy won't prevent seizure of a property if tne creditor has a valid lien. If it were otherwise, who would make a mortgage loan.

Hey, Grandma Moses started late!
by LEP on Mon Feb 18th, 2013 at 10:13:04 AM EST
[ Parent ]
It depends on the lien.

If it's a creditor and not the mortgage holder, the creditor's lien is wiped out. The asset won't be seized. It's protected. The holder of the title deed however is the true owner of the home, so a foreclosure would be in the works if the mortgage isn't being paid.

by Upstate NY on Mon Feb 18th, 2013 at 11:23:47 AM EST
[ Parent ]
No, I mean defaulting on mortgage payments on that home. No foreclosures on first homes

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Sun Feb 17th, 2013 at 05:07:12 PM EST
[ Parent ]
I see. So what if you can't pay?
by Upstate NY on Sun Feb 17th, 2013 at 05:49:40 PM EST
[ Parent ]
I think they might be able to seize a borrower's other property if it's worth it to go through a lengthy trial. If the borrower has no other property, they can't really do much but wait...

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Sun Feb 17th, 2013 at 06:16:22 PM EST
[ Parent ]
What is the earliest conceivable date for another election?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Feb 18th, 2013 at 02:01:28 AM EST
[ Parent ]

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