Do you have to include your house in a bankruptcy? How? 14 Answers as of June 05, 2015

I do not want to have to include my house in my bankruptcy. Is there a way that I can do that?

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Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
You'll keep your house; you merely list it as an asset, and the debt.
Answer Applies to: Texas
Replied: 6/5/2015
Stephens Gourley & Bywater | David A. Stephens
You have to include it but if it is an exempt asset you can keep it as long as you pay the mortgage.
Answer Applies to: Nevada
Replied: 6/5/2015
Ronald K. Nims LLC | Ronald K. Nims
You have the choice whether to surrender your house or not in a bankruptcy. Even if you're seriously behind on your mortgage or in foreclosure, you can keep your house (as long as you can afford the mortgage).
Answer Applies to: Ohio
Replied: 6/5/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
It's not clear what you mean by 'including' your house in your bankruptcy. You are obliged to list every asset and every debt or claim. That does not mean you lose any particular piece of property, or quite often, any property at all. There is a state and a federal list of exemptionsand depending on which you state you live in, you may choose from either list, or be limited to the state list. The exemptions are rather generous: e.g. in Wisconsin you can exempt $75,000 of equity per spouse. So if you have less equity than that, no one will be interested in taking the house. (Of course if you want to keep it you must make the mortgage payments.) Consult an experienced bankruptcy lawyer.
Answer Applies to: Wisconsin
Replied: 6/4/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You must disclose all debts. With regard to the house, you must disclose if you are going to keep or surrender the house. It is very straight forward.
Answer Applies to: Colorado
Replied: 6/4/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    The law requires you to list ALL your debt. So you must list the home mortgages. You get to keep your house as long as you keep making the payments. Some jurisdictions require you to to "reaffirm" them. I would not do that. If there is a foreclosure you don't want to be stuck with a deficiency judgement.
    Answer Applies to: California
    Replied: 6/4/2015
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    The short answer is No, you cannot exclude your house or any debt from your bankruptcy. It's an all or nothing proposition. The reason you have to include it is that is what the law says. It says that so that all creditors are treated the same and all have an equal chance to receive some money back.
    Answer Applies to: Utah
    Replied: 6/4/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You don't include it to lose it you include it to disclose it to the courts as an asset. If you have the homestead exemption then it will not be seized
    Answer Applies to: New York
    Replied: 6/4/2015
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    You must list all of your debts in the bankruptcy. What happens to any particular debt depends on more facts. Your question suggests that you own real estate property and are considering filing bankruptcy on your own without the benefit of counsel otherwise this basic information about bankruptcy would have been explained by your attorney. If it has not been explained then I would hire someone else who will provide you with more information while handling your case. It is risky and not advisable for you to move forward without an attorney, particularly when you have assets. There may also be considerations of which type of bankruptcy would best achieve your goals and the best timing for moving forward.
    Answer Applies to: California
    Replied: 6/4/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    No. But if you have limited equity you may still be able to file.
    Answer Applies to: California
    Replied: 6/4/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    When you file a bankruptcy case you are required to list ALL of your assets and ALL of your debts, even those debts you wish to continue paying. If you are unsure of how to proceed you would be well advised to hire a lawyer to guide you - failing to disclose required information can lead to major difficulties and potential criminal sanctions.
    Answer Applies to: Colorado
    Replied: 6/4/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Would you rather go to prison? Because bankruptcy law requires you to include EVERYTHING YOU OWN as well as everything you owe and if you do not include everything, you will be committing the serious crime of PERJURY. Including your house in your bankruptcy does not mean losing your house through bankruptcy but including your house does mean you are honest with the court.
    Answer Applies to: Nevada
    Replied: 6/4/2015
    Danville Law Group | Scott Jordan
    Yes, you must list all of your assets and all of your debts in the bankruptcy schedules. By listing the house and the mortgage does not mean you will lose it. That is a separate issue. I suggest you contact a reputable bankruptcy attorney in your area for assistance.
    Answer Applies to: California
    Replied: 6/4/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    No. Everything is "included." That is the bargain you make - full disclosure in exchange for a discharge. Please go see a knowledgeable local bankruptcy attorney for a consultation at the least. They can advise you what you can and cannot do and if bankruptcy would be an effective option.
    Answer Applies to: California
    Replied: 6/4/2015
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