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Re:housing allowance (1 viewing) (1) Guest
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TOPIC: Re:housing allowance
#1117
Jacob (User)
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housing allowance 8 Months, 2 Weeks ago Karma: 2  
Is there cap on the allowance for housing expenses when applying for Chp 7? I believe there is a cap for auto but none for housing/.
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#1204
Tomas (User)
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Re:housing allowance 8 Months ago Karma: 3  
no cap on the housing allowance as long as you can prove the deductions. there is a cap on auto expenses
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#1280
Jackie (User)
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Re:housing allowance 7 Months, 3 Weeks ago Karma: 3  
The housing allowance is the amount of equity in your home that the bankruptcy court will not count. I believe the housing allowance is $20,100 per individual. So, husband and wife can protect 40,200 of equity from creditors under chapter 7. Equity in excess of the allowance will be subject to creditor claims, usually from other liquid assets such as IRAs, cash, CDs, or even automobiles.
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