If I file chapter 7, can I keep my house? 33 Answers as of February 14, 2014

When I say keep my house I mean it stays in my name and I am able to sell it for a profit later on?

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Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
The answer to your question depends on the exemption available to you WHEN and WHERE you file bankruptcy. You should probably consult an attorney for guidance.
Answer Applies to: Indiana
Replied: 2/14/2014
Jason Karavias, Esq.
Jason Karavias, Esq. | Jason Karavias
One of the most important considerations when preparing to file bankruptcy is determining whether your particular assets are exempt. For major assets such as a house or car, this involves calculating whether you have equity in the asset, and if so, whether the equity exceeds the bankruptcy exemptions. Another factor is whether you are up to date on the payments on your secured debt such as a mortgage or car loan.
Answer Applies to: Pennsylvania
Replied: 2/7/2014
Philip R. Boardman, Attorney at Law
Philip R. Boardman, Attorney at Law | Phil Boardman
Usually, so long as there is not significant equity in the home.
Answer Applies to: Virginia
Replied: 2/3/2014
Stuart P Gelberg
Stuart P Gelberg | Stuart P Gelberg
It depends on how much equity you have vs the amount of your homestead exemption. Not enough info to answer definitely.
Answer Applies to: New York
Replied: 2/3/2014
MCBRIDE LAW OFFICE | Robert E. McBride
The Chapter 7 Trustee may sell your house if there is too much equity. Otherwise not. Your mortgage company may sell your house if you default. If you still own your house, you may sell it when your bankruptcy is over.
Answer Applies to: Pennsylvania
Replied: 1/31/2014
    Law Office of Robert Sisson | Robert Sisson
    Yes. Typically if you reaffirm on it.
    Answer Applies to: Wisconsin
    Replied: 1/31/2014
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    In Colorado, assuming you live in the residence, you can claim a $60,000 Homestead Exemption (equity). If you are 60 or older, or you or your dependents are handicapped, you can claim a $90,000 Homestead Exemption.
    Answer Applies to: Colorado
    Replied: 1/31/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes, as long as you remain current on your mortgage payments, taxes, and any hoa's, and as long as your equity does not exceed the homestead exemption of $550,000, you may keep your house through a bankruptcy.
    Answer Applies to: Nevada
    Replied: 1/31/2014
    Rhymer Law Firm
    Rhymer Law Firm | William Rhymer
    Generally speaking, yes most people can. However, it depends on how much equity is in the house and whether you are current on your mortgage payment. I would suggest you get a free consultation with a bankruptcy attorney so you can run the numbers and find out for sure where you are legally.
    Answer Applies to: Georgia
    Replied: 1/31/2014
    Idaho Bankruptcy Law | Paul Ross
    As long as the equity in the home is exempt, you may keep the home and after your bankruptcy is over, sell the home and keep the profit.
    Answer Applies to: Idaho
    Replied: 1/31/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    The answer depends on whether at the time of your bankruptcy filing you can exempt the equity you have in the house. Figuring this out will require an exemption analysis, which means listing values of all of your assets (cash, investment, real estate, cars, toys, antiques, anything you own) and looking to see if there are sufficient exemptions to cover your assets.
    Answer Applies to: California
    Replied: 1/31/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    As long as you do not have equity in excess of your allowed homestead exemption, yes. If there is surplus equity the CH7 trustee could sell your house. In that case a CH13 case would be more appropriate. If you have equity you should see a lawyer.
    Answer Applies to: California
    Replied: 1/31/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Whether you can keep your house after filing a Chapter 7 bankruptcy depends on a couple of things you haven't told me, like how much equity you have in your house & whether you are current on making the payments. In Nevada, you can keep up to $125K in equity in your house if you have owned it for less than 40 months, and $550K if you have owned it for more than 40 months. As long as your mortgage payments are current, your mortgage company will not have any say about you keeping the house, but if you are delinquent, whether you can keep the house may be an issue to be resolved between you & them.
    Answer Applies to: Nevada
    Replied: 1/31/2014
    Fluhr & Moore, LLC | Steven S. Fluhr
    You may keep your house if you do not have too much equity in the house and you are current in payments on the mortgage.
    Answer Applies to: Missouri
    Replied: 1/31/2014
    Paul Stuber, Attorney at Law
    Paul Stuber, Attorney at Law | Paul Stuber
    Yes, in most cases you can keep your house. You are allowed a certain amount in equity, $60,000 in Colorado. If you have less than that and keep up with the payments (you can reaffirm the loan in the bankruptcy) then you keep the profit later. Make sure you do not have any other liens on the home beyond the mortgage.
    Answer Applies to: Colorado
    Replied: 1/31/2014
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    As long as the equity doesn't exceed the amount you're allowed to keep in a Chapter 7 proceeding, then yes.
    Answer Applies to: California
    Replied: 1/31/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    There is not enough information here to really answer your question. Te answer will depend upon whether your mortgage loan payments are current, how much equity you have in your home, what state you live in, what exemptions are available to you and whether they are claimed properly. In a very general sense, the fee you would pay for hiring an attorney to guide you will be well worth the peace of mind it will bring knowing that your assets will be protected to the greatest possible extent.
    Answer Applies to: Colorado
    Replied: 1/31/2014
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    if it is yours now and is your homestead and you are current on the mortgage the answer is yes.
    Answer Applies to: Florida
    Replied: 1/31/2014
    Law Offices of Linda Rose Fessler | Linda Fessler
    You can keep it if there is not too much equity in the house. There are limits as to how much equity that there can be.You will also have to reaffirm the mortgage.
    Answer Applies to: California
    Replied: 1/31/2014
    Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
    That depends on several thingsare you current on your payments? How much equity do you have in your house? Can you afford to continue making the payments? These are questions that a qualified bankruptcy attorney can help you explore. Your responses to these questions will help determine if you can keep your house. However, as a general rule you can keep your house after bankruptcy if you can continue to make the house payments.
    Answer Applies to: Arkansas
    Replied: 1/31/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    The bankruptcy exemption for homes is known as the homestead exemption. The federal exemptions and most states' exemptions have a limit on the equity you can have in a home. If your equity exceeds that limit, it is considered "non-exempt" and available for your creditors. Thus, you are faced with the choice of surrendering your home or paying for the non-exempt equity. In such situations, most people opt for a Chapter 13 bankruptcy which allows them to pay for this non-exempt equity over a 3 to 5 year period. In a Chapter 13, the sum of all your non-exempt assets (like car values exceeding the exemption limits, or luxuries like boats and motorhomes) is referred to as the "best interest of creditors" number and you must pay at least that amount during your plan. The Chapter 7 trustees in Oregon take the position that if you keep a home through a Chapter 7 and later sell it, then you must re-invest the proceeds up to the homestead exemption amount promptly in another home and pay the court any profit you make over the homestead limit. Practically speaking, that is difficult to enforce.
    Answer Applies to: Oregon
    Replied: 1/31/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    If you are current on your payments, can afford to make them and don't have too much equity in your house now. See an experienced bankruptcy attorney so that they can assess your individual situation.
    Answer Applies to: Michigan
    Replied: 1/31/2014
    Law Offices of A. J. Mitchell, LLC
    Law Offices of A. J. Mitchell, LLC | A. J. Mitchell
    The risk of losing your home in a Chapter 7 bankruptcy is extremely low so long as (1) you can continue to make payments pursuant to the terms of your loan, and (2) you do not have a significant amount of equity in the property you wish to retain.
    Answer Applies to: Georgia
    Replied: 1/31/2014
    Havkin & Shrago | Stella Havkin
    Yes depending if you can exempt exiting equity at the time of the filing of the bankruptcy.
    Answer Applies to: California
    Replied: 1/31/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes you can if it is exempt under New York law.
    Answer Applies to: New York
    Replied: 1/31/2014
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    Many people keep their homes after Chapter 7. In general, they are current on their payments and continue the payments post-bankruptcy. Also, there shouldn't be too much equity in the home. What "too much" means depends on what state you are in and how long you have lived there.
    Answer Applies to: Wisconsin
    Replied: 1/31/2014
    Law Office of Shawn N. Wright | Shawn N. Wright
    It all depends on how much equity you have. Assuming that you are filing in Pennsylvania, we use the Federal bankruptcy exemptions here (for the most part) and the equity amount is $22,975 right now for a single homeowner. If you are filing with a spouse and you owe the home jointly, then double that amount to $45,950. So, to give you a sample situation, let's say that you are single and your house is worth $120,000 and your mortgage balance is $100,000, then there's no problem in "exempting" the house. You can protect it and it stays in your name, etc. If you're married and the house is deeded in joint names, and the same house has a mortgage balance of $80,000, then again, no problem, you can protect it in a bankruptcy case.
    Answer Applies to: Pennsylvania
    Replied: 1/31/2014
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    If your home has equity, you may or may not be able to keep if when filing Chapter 7. It all depends on how much equity you have and how much of that can be protected by exemptions.
    Answer Applies to: Georgia
    Replied: 1/31/2014
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    If you are current on the Mtg, and there is no equity in the Property that is not exempt, then yes you can.
    Answer Applies to: New Jersey
    Replied: 1/31/2014
    Law Office of Mark B. French
    Law Office of Mark B. French | Mark B. French
    If you file for bankruptcy in Texas then you can "exempt" your home from the claims of your general creditors. This does not mean that you get a free house. In other words, you have to pay your mortgage (if you have one) if you want to keep the house. You also have to pay the property taxes on the house. What exemptions you want to claim is determined by what assets you have and you should consult an attorney to help you make that determination.
    Answer Applies to: Texas
    Replied: 1/31/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    Most likely, just depends on equity.
    Answer Applies to: South Carolina
    Replied: 1/31/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If your equity is below the exemption amount then yes. For example, in long island, the homestead exemption is $150,000 per person, so as long as you have less then $150,000 in equity you are fine to keep your house and sell it later
    Answer Applies to: New York
    Replied: 1/31/2014
    Bushhorn Law Offices | Thomas D. Bushhorn, Esq.
    Yes. However, you must be current on the home. There are several options regarding keeping mortgages in a bankruptcy.
    Answer Applies to: Indiana
    Replied: 1/31/2014
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