Should I consider bankrupcy to keep my primary home? 24 Answers as of June 18, 2012

By filing bankrupcy will I be able to keep my primary home.

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Marc S. Stern
Marc S. Stern | Marc S. Stern
If you file a Chapter 13 and arrange to cure the payments or arrange a modification while in the Chapter 13, this is one way to stop the foreclosure and keep the home. You can also file a Chapter 7. This will delay the foreclosure for a couple of months but that is all.
Answer Applies to: Washington
Replied: 6/18/2012
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
Chapter 13 bankruptcy allows you to stop or prevent foreclosure and pay arrears over time.
Answer Applies to: Indiana
Replied: 6/18/2012
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
Most likely you can keep your home, but I would need more information. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answer Applies to: Arizona
Replied: 6/12/2012
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
When you file bankruptcy your home becomes property of the bankruptcy estate. However, you can claim a homestead exemption up to a certain amount (which varies according to marital status, single or married, age and disability.) Consult with an attorney as to the specific facts of your case.
Answer Applies to: California
Replied: 6/12/2012
Law Office of Jeffrey Solomon
Law Office of Jeffrey Solomon | Jeffrey Solomon
In Florida your home would usually be exempt. You do have to pay a mortgage. You should consult an attorney to see if there is any problem claiming your homestead exemption.
Answer Applies to: Florida
Replied: 6/11/2012
    Law Office of Pho Ethan Tran PLLC
    Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
    In Texas, your home is exempt from the bankruptcy estate as long as you continue to make payments on any outstanding mortgages.
    Answer Applies to: Texas
    Replied: 6/11/2012
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    Yes, file bankruptcy.
    Answer Applies to: Connecticut
    Replied: 6/11/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You have to be able to pay for it to keep it. If you are behind you can use ch13 to get caught up but you must make the current payments as they come due.
    Answer Applies to: California
    Replied: 6/11/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    Yes you may consider bankruptcy to keep your home. The homestead in Florida is exempt from the claims of creditors. However, your use of the word primary, if it suggests the ownership of more homes, would require a detailed analysis by a bankruptcy attorney. There are two chapters which should be considered in filing for bankruptcy. Chapter 7 and Chapter 13. There are many requirements for each, and these things should not and cannot be done properly by petition preparers. They cannot give legal advice. You need an attorney.
    Answer Applies to: Florida
    Replied: 6/11/2012
    Olson Law Firm | Edward M Olson
    Normally, the answer is "yes". If you can afford to make the payments and you otherwise meet the bankruptcy requirements, then yes. Talk to an attorney who can look at your situation.
    Answer Applies to: Michigan
    Replied: 6/11/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    That depends if there is equity in your home above the exemption amount, if you are filing chapter 7 or chapter 13, if you are in default, etc. There are a lot of factors to be considered. However, if you have no or nominal amount of equity than you should be able to keep your home.
    Answer Applies to: New York
    Replied: 6/11/2012
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    If you can pay your mortgage
    Answer Applies to: Florida
    Replied: 6/9/2012
    Alvin Lundgren | Alvin Lundgren
    You can keep your house if you continue to make payments. In ch 7 you might be able to even catch up on payments.
    Answer Applies to: Utah
    Replied: 6/8/2012
    The Martin Law Group
    The Martin Law Group | Yolvondra Martin-Brown
    Generally, if you are able to afford your monthly mortgage payment, then you will be able to keep your home. If you are behind on your mortgage payments, then you would need sufficient income to pay your mortgage plus an additional amount to be determined by an experienced attorney.
    Answer Applies to: Georgia
    Replied: 6/8/2012
    The Smalley Law Firm, LLC | Cary Smalley
    Generally you can keep your primary residence when filing bankruptcy, however you must continue to keep up with your payments. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
    Answer Applies to: Kansas
    Replied: 6/8/2012
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Depending on the numbers you might keep or lose your home. The best way to lose it - file pro se. The best way to file in a way to maximize the chance of retaining your home - file with a lawyer.
    Answer Applies to: Georgia
    Replied: 6/8/2012
    Law Office of Kristen Allard Shier
    Law Office of Kristen Allard Shier | Kristen Allard Shier
    Without more information on your specific situation I cannot say for certain how your home will be affected by filing bankruptcy. You do not have to give up your home if you file bankruptcy. For instance, if you are not behind on your mortgage payments, and if your income qualifies you to file a chapter 7, you can keep your home and, in Colorado, $60,000 of any equity you may have in your home is protected from your creditors. On the other hand, if you are behind on your mortgage payments, a chapter 13 bankruptcy can help you bring the payments current so you can remain in your home.
    Answer Applies to: Colorado
    Replied: 6/8/2012
    Steven Alpers | Steven Alpers
    Yes if you can make the payments and pay any arrears. You may have to file a chapter 13.
    Answer Applies to: California
    Replied: 6/8/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    You could save a primary home by filing for bankruptcy but you need to make the payments on the home. If you are in arrears, you need to also make up the arrears in payments. This normally means you need to file a chapter 13 case.
    Answer Applies to: California
    Replied: 6/8/2012
    Law Office of Robert Sisson | Robert Sisson
    Yes. You can get rid of any unsecured debt in bankruptcy, and you can likely keep the home (if you don't have too much equity in it) as long as you are current on the house payments.
    Answer Applies to: Wisconsin
    Replied: 6/8/2012
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    It does work at least for a while. With an attorney it can be made permanently
    Answer Applies to: California
    Replied: 6/7/2012
    Debt Relief Law Center | Roger J. Bus
    Most likely, yes. See the exemptions available for equity in real estate at 11 U.S.C. 522(d). As long as you keep up your mortgage payments, you can keep the house.
    Answer Applies to: Michigan
    Replied: 6/7/2012
    Bruce Plesser | Bruce Plesser
    It is worth a free call to National Mortgage Litigation.
    Answer Applies to: Florida
    Replied: 6/7/2012
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