Can I file Chapter 13 and keep my house? 11 Answers as of April 08, 2011

I need to file Chapter 13 bankruptcy. I own an apartment that I rent out as well as a that is my primary residence. Is it possible to eliminate the mortgage on my apartment and still keep my house if I file for Chapter 13?

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Benson Law Firm
Benson Law Firm | David Benson
Yes, it may be possible to file Chapter 13 and not only keep your real estate, but even gain some additional relief - depending on the nature of your holdings. It is definitely worth a trip to a qualified bankruptcy attorney for a free consultation.
Answer Applies to: Ohio
Replied: 4/8/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Ch 13 allows you to retain property which would have otherwise been liquidated for the benefit of your creditors under a Ch 7.
Answer Applies to: Washington
Replied: 4/7/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
Bankruptcy will not allow you to eliminate your mortgage and keep secured property such as a home or vehicle. In some states you are allowed to reduce a second mortgage on your principle residence. You can keep your property in a Chapter 13, but your repayment plan will depend on your income and if your properties have any equity. You should discuss your situation with an attorney.
Answer Applies to: California
Replied: 4/5/2011
Bankruptcy Law Office of Robert Weed
Bankruptcy Law Office of Robert Weed | Robert Weed
It's very hard to eliminate the first mortgage on the apartmentexcept in very odd case it would be impossible. It is often possible to eliminate the second mortgage, if the value has fallen enough. Your house shouldn't be affected.
Answer Applies to: Virginia
Replied: 4/4/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
I am unsure what you are asking. Do you want to let the apartment go back to the mortgage company and keep paying on your house? If yes, you can do that. We do free appointments on bankruptcy if you are in our area. Otherwise, I would cotact a bankruptcy attorney in your area and talk to them.
Answer Applies to: Alabama
Replied: 4/4/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Chapter 13 does not eliminate mortgages, *except when there is a second mortgage - and the first mortgage exceeds the value of the home.* If you have multipe properties you need to see a lawyer. It is the rare person that can do their own Chapter 13 case.
    Answer Applies to: California
    Replied: 4/1/2011
    Law Offices of Geoffrey Nwosu
    Law Offices of Geoffrey Nwosu | Geoffrey Nwosu
    Yes, you can file Chapter 13 bankruptcy and keep your house. However, you are not going to eliminate all your mortgage payments and keep your apartment. You have to continue making payment on your mortgages if you want to keep your house. Please consult with an attorney to evaluate your financial situation and advice you appropriately. Thanks
    Answer Applies to: California
    Replied: 4/1/2011
    Law Offices of Juan Dotson
    Law Offices of Juan Dotson | Juan Dotson
    Chapter 13 bankruptcy requires a repayment of arrears (sometimes 100%) on secured debts. So you must make mortgage payments on any property you intend to keep. Whether or not you can strip a second mortgage requires a consultation with an attorney. Good luck.
    Answer Applies to: California
    Replied: 9/17/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    It is possible, but there is no way to answer your question without having a comprehensive consultation to go over all the relevant facts and figures. You need to consult with a qualified bankruptcy attorney in your area.
    Answer Applies to: California
    Replied: 9/17/2010
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    This sounds like you should be able to do so.
    Answer Applies to: California
    Replied: 9/17/2010
    Ariano & Reppucci
    Ariano & Reppucci | Chris Ariano
    You cannot eliminate a first mortgage and keep the house. Generally you must pay all secured debts in full. There are options for second mortgages however.
    Answer Applies to: Arizona
    Replied: 9/16/2010
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