Can I still keep my house if I claim bankruptcy? 15 Answers as of May 01, 2011

I am upside down on my home by 150,000. My husband has been unemployment for 9 months because he is in the construction industry, and I am barely making ends meet as a secretary. Will I be able to keep our home if I claim bankruptcy and try to eliminate credit debt?

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Law Office of Larry Webb
Law Office of Larry Webb | Larry Webb
Bankruptcy does not discharge the secured debt. If you can afford the payments after you remove your unsecured debts you will keep the house.
Answer Applies to: California
Replied: 5/1/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes, you can keep the home as long as you can make payments on it. If eliminating the credit card debt allows you to do that, go for it.
Answer Applies to: California
Replied: 4/27/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
If you can stay current on your Mortgage payment then you should be able to keep your house if you file Bankruptcy.
Answer Applies to: New Hampshire
Replied: 4/27/2011
Law Office of Brian A. Kretsch, A.P.C.
Law Office of Brian A. Kretsch, A.P.C. | Brian A. Kretsch
Assuming that you are in California and that you can keep your mortgage payments current, you can keep your home. California/bankruptcy exemptions allow you to keep a home with up to $100,000 ($175,000 if you are over 65 or disabled and live in it)in equity if you are married and live in it. Since the home has no equity, you are well within the maximum equity limits.
Answer Applies to: California
Replied: 4/27/2011
Uriarte & Wood, Attorneys at Law
Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
Answer: if you are current and continue making payments, you will be able to keep the house in a chapter 7, while discharging the unsecured credit card debt.
Answer Applies to: California
Replied: 4/27/2011
    Benson Law Firm
    Benson Law Firm | David Benson
    The answer to this question depends a lot on your numbers. It sounds like you will qualify for a Chapter 7 and probably will be unable to put together a feasible plan under Chapter 13. In such a case, you may want to discharge all your unsecured debt in bankruptcy first and then see if something can't be worked out with the loss mitigation department. I always encourage my clients to work with a HUD-certified agency when seeking a loan modification. If you can't get a proposal from the lender and they file a foreclosure action, don't give up hope. In our jurisdiction, you can request mediation to pull the case off the foreclosure track and attempt again to find a solution to keeping your house. Good luck!
    Answer Applies to: Ohio
    Replied: 4/28/2011
    The Law Offices of Benjamin C. Tiller, Esq.
    The Law Offices of Benjamin C. Tiller, Esq. | Benjamin Tiller
    As long as you keep current on your mortgage payments, you will be able to keep your home. If you are behind, you could file a chapter 13 to get caught up, and still eliminate most, if not all, of your credit card debt. If there is a second mortgage, and the home is worth less than the amount owed on the first mortgage, you might be able to eliminate the second mortgage altogether. Visit my website for more information.
    Answer Applies to: Montana
    Replied: 4/28/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    The bankruptcy court won't want your house. You can keep it if you can make the house payment.
    Answer Applies to: Virginia
    Replied: 4/28/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You must be able to afford the payments on the house in order to keep it long term. Bankruptcy will probably get rid of your credit card debt and other unsecured debt but will not change your home loan because it is a secured debt that must be paid according to the mortgage. You can apply for a loan modification so that you can afford the house payments. So long as you make your payments you will keep the house. The bank is the only one that can take the house by foreclosing on the mortgage if you do not make the house payments. The bankruptcy court will give the bank permission to foreclose if you do not pay the house payments. The bankruptcy trustee is only interested in taking property from you that he/she can sell to pay your unsecured debt. You have no equity in your house so the bankruptcy trustee is definitely not interested in it.
    Answer Applies to: California
    Replied: 4/27/2011
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    It depends how far behind you are on mortgage and if you can make payments. If you can't make the payment you can't keep house.
    Answer Applies to: Alabama
    Replied: 4/27/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    A Chapter 7 filed to discharge debts might help being able to save your home. It depends on your ability to continue the mortgage payments after the bankruptcy is filed.
    Answer Applies to: California
    Replied: 4/27/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    For many people, filing bankruptcy puts them in a better position to tackle everyday expenses, like your mortgage, by clearing out credit card debt. Ultimately, whether you can keep your house or not depends on your ability to handle future mortgage payments and also the applicable exemptions available to you in your state.
    Answer Applies to: Indiana
    Replied: 4/27/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    Yes, you can keep your home so long as you continue to make the mortgage payments.
    Answer Applies to: California
    Replied: 4/27/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Well, you will not lose your home to the bankruptcy trustee, as there is no equity for he/she to go after. Whether or not you will be able to keep your house depends merely on whether or not you can make the payments. Hopefully filing a bankruptcy, and eliminating the credit card debt will free up some extra income that can go towards the house instead of the plastic.
    Answer Applies to: California
    Replied: 4/27/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    If there is no equity in your home, you can keep it as long as you remain current with the contractually due payments on your mortgages and property taxes. Bankruptcy won't affect it at all. In certain circumstances you may be able to reduce the amount of your mortgages in a Chapter 13 case, but you need to consult with a bankruptcy attorney in your area for a more thorough analysis of your facts.
    Answer Applies to: California
    Replied: 4/27/2011
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