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Law Offices of Michael J. Berger | Michael J. Berger
In California, the equity in your home is protected by an exemption of at least $75,000.00 if you live in your home.
Answer Applies to: California
Replied: 7/15/2011
Benson Law Firm | David Benson
You may be able to keep your house, but you'll need a bankruptcy lawyer with experience in foreclosure defense.
Answer Applies to: Ohio
Replied: 7/15/2011
Tucker Legal Clinic | Samuel Tucker
Yes. You must continue to pay the note on the house. If you are behind on mortgage payments a Ch13 bankruptcy may be your only resort.
Answer Applies to: Mississippi
Replied: 7/15/2011
Financial Relief Law Center | Mark Alonso
If you are delinquent on your house payments and are facing foreclosure, then filing chapter 7 bankruptcy would not allow you to keep your home simply by filing the bankruptcy. The house cannot be included in a chapter 7, and b/c you are facing foreclosure, the bank will continue with that path since there is nothing that the bankruptcy can do in a chapter 7 to prevent it. What you may see is a delay in the foreclosure upon filing chapter 7 bankruptcy, because and automatic stay will go into effect upon filing, but it will only be temporary and will eventually be lifted, allowing the bank to continue with the foreclosure process. What you might try doing is either opting for a chapter 13 bankruptcy, assuming you have enough wages to allow payment plan, in which case you could include the mortgage arrears into the repayment plan, as well as your credit card and medical debt, which would allow you to keep your home. Another option may be to try for a loan workout with your mortgage lender to see if they will work with you to add the arrearages to the balance of the loan and drop the interest rate so that you would have an affordable payment going forward, and then after that is completed and you are now current on the loan, file a chapter 7 bankruptcy to resolve the unsecured debt. I would definitely recommend speaking with an attorney who is experienced in both bankruptcy as well as loan workouts to assess the big picture here between the house and the unsecured debt to review further details about your situation in order to determine which course of action is your best interest.
Answer Applies to: California
Replied: 7/15/2011
Apple Law Firm PLLC | David Goldman
In Florida, you can keep your home in a Chapter 7 Bankruptcy
Answer Applies to: Florida
Replied: 7/15/2011
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
yes
Answer Applies to: California
Replied: 7/15/2011
Guardian Law Group PLLC | C. David Hester
If you are married there is a home exemption for $20,000 per spouse. You can file a Chapter 7 with $40,000 in equity if you and a spouse file together, otherwise you can file a Chapter 13 and depending on your schedules you will likely be able to keep it but also need to pay a portion of all your debts.
Answer Applies to: Utah
Replied: 7/15/2011
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Your homestead exemption will cover the 40k in equity. See a lawyer because there may be other issues.
Answer Applies to: California
Replied: 7/14/2011
Law Offices of Thomas P. Vest | Thomas P. Vest
As long as you stay out of default you can retain your house even in a Ch 7 case. Continue timely payments! If you have sizeable total debt, consider bankruptcy; consult with an atty in your area.
Answer Applies to: Washington
Replied: 7/14/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
In Indiana, you can only protect $17,700 worth of equity in real estate in which you reside and you can double the exemption for married couples filing joint petitions if both are on the deed. If you own the home by yourself and have $40,000 in equity, you would subject the real estate to liquidation in a chapter 7.
Answer Applies to: Indiana
Replied: 7/14/2011
Rosenberg & Press | Max L. Rosenberg
Yes, you have seventy five grand of an exemption in Court.
Answer Applies to: Connecticut
Replied: 7/14/2011
Symmes Law Group, PLLC | Richard James Symmes
In Washington state you may have up to $125,000 in equity and still file for chapter 7 bankruptcy while keeping your home.
Answer Applies to: Washington
Replied: 7/14/2011
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
If you are behind in your house payment and in foreclosure you should consider filing a chapter 13 payment plan. If you file chapter 7 you will need to catch up with the back payments in order to keep the house.
Answer Applies to: California
Replied: 7/14/2011
A Fresh Start | Sean P. Fleming
Each person whose name is on title can protect $15,000 in equity. So if its just your name on title, it may be difficult to protect in Chapter 7. At that point, you would want to file Chapter 13.
Answer Applies to: Illinois
Replied: 7/14/2011
Mark Anderson, Attorney at Law | Mark Anderson
You need to make sure you file a homestead before filing bankruptcy.Also, if you have a loan you need to keep your payments current and pay the taxes.
Answer Applies to: Montana
Replied: 7/14/2011
Law Office of Maureen O' Malley | Maureen O'Malley
If you have that much equity the trustee will probably want to sell. If you can find a Ch 13 that will pay off the late payments you could keep the house.
Answer Applies to: Virginia
Replied: 7/14/2011
Ursula G. Barrios Law | Guillermo Machado
Yes. Simply stay current on your house payment.
Answer Applies to: California
Replied: 7/14/2011
Harkess and Salter, LLC | Stephen Harkess
In order to keep your house after a Chapter 7 bankruptcy, you will need to stop the foreclosure by curing the debt. This means that you need to catch up all of the amounts you are behind before the foreclosure sale. If you cannot, you will lose your house. A Chapter 13 plan may be a better option if you will have a hard time getting current because the mortgage arrears can be spread out over 36-60 months which can make it much easier to get caught up. You should discuss your situation with an experienced attorney.
Answer Applies to: Colorado
Replied: 7/14/2011
Law Office of L. Paul Zahn | Paul Zahn
You may be able to do so, but the amount of equity you have in your home could make it difficult to discharge your other debts and still keep the home.
Answer Applies to: California
Replied: 7/14/2011
Mercado & Hartung | Kim Sandher
Foreclosure is something that happens outside of bankruptcy. A Chapter 7 will delay the sale temporarily. It is a good idea to discuss your situation with an attorney to figure out what your options are in terms of keeping the house.
Answer Applies to: Washington
Replied: 7/14/2011
Mercado & Hartung, PLLC | Christopher J. Mercado
You can probably exempt the equity through a property exemption up to your state's amount
Answer Applies to: Washington
Replied: 7/14/2011
The Schreiber Law Firm | Jeffrey D. Schreiber
I may be possible to keep the house if you have the ability to claim an exemption for the house to protect the equity. However, you still have to resolve the foreclosure problem as a bankruptcy will not prevent the bank from eventually foreclosing if you do not make the payments or pay the past due amount.
Answer Applies to: California
Replied: 7/14/2011
Law Offices of Joseph A. Mannis | Todd Mannis
A Chapter 7 will get rid of the med bills and credit cards. It will temporarily stop the foreclosure process, but without going into the technical details, once the case closes, the lender may initiate or resume foreclosure proceedings. Now the only question is what other assets you have. The $40,000 of equity is exempt, but one would have to know what other assets you have to make sure they are exempt as well. This is something for a bankruptcy attorney (like myself) to go over with you.
Answer Applies to: California
Replied: 7/14/2011
Ashman Law Office | Glen Edward Ashman
Maybe. In Georgia you can only protect $10K in equity (20K for two owners), but remember you add to the value the costs of sale, and given a bad real estate market, your numbers may work. See a lawyer to run the numbers. Note that if you don't file and get sued, those suits will eventually become liens on your home (another reason to look at bankruptcy).
Answer Applies to: Georgia
Replied: 7/14/2011
Loveless Law Firm, LLP | Andrea Loveless
Yes, you may file and not include your home
Answer Applies to: California
Replied: 7/14/2011
Dan Shay Law | Daniel Shay
If you want to stop a foreclosure and keep your house you are going to have to file a Chapter 13 or obtain a loan modification that makes you current. Your arrears will be paid in the 13 and the medical debt may only get 1%. The equity is protected under 704 homestead exemption.
Answer Applies to: California
Replied: 7/14/2011
