Will I lose my house in a bankruptcy

If the equity in your home is $500,000 or less, then you won’t have to lose your home in the Boston area.

You could choose to file under the Massachusetts state exemptions as opposed to the Federal Bankruptcy exemptions, which provides for only up to $22,500 for each spouse in exemption. Massachusetts provides one of the most generous home exemptions under its “Homestead” exemptions. This provision allows you to exempt up to $500,000 in equity for the house.

If you have piled on an overwhelming amount of credit card debt but have a substantial amount of equity in your home, then you may keep the home and get rid of all the credit card debts