Site: nolo.com
... However, you can’t mix exemptions from both lists, so you’ll want to select the system that ... If you own a house worth $220,000 and have a mortgage balance of $170,000, you have $50,000 of equity ... If you file a Chapter 7 bankruptcy, you can use the $60,000 homestead exemption to protect all equity ... If you wanted to keep the home, you could file for Chapter 13 and pay the $140,000 nonexempt equity portion ... It’s true, and we want to ensure you find what you need. ...