What bankruptcy chapter should I file to protect my home? 29 Answers as of January 21, 2013

I need to file for bankruptcy, but I am worried that I will lose my property. I have a big family that depends on my financial support and shelter. What are the steps I should take to keep my house? What are my chances of losing my home?

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Heupel Law
Heupel Law | Kevin Heupel
You would want to file Chapter 13 in order to save a home from foreclosure. It is a complicated process and the chances of you losing the home depends on your income, the mortgage arrearages, and other debts and assets that you may have. Please our office for a free consultation and we can provide you with better advice.
Answer Applies to: Colorado
Replied: 8/10/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
you need to consult a Bankruptcy attorney about which Chapter is better for you to file
Answer Applies to: Washington
Replied: 8/11/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
If you are employed, and have the ability to afford payments into a chapter 13 bankruptcy, then you may want to consider filing this chapter. It will allow you to put your past due mortgage payments into a 5 years plan, which will allow you to bring yourself current on the mortgage payments, and prevent losing your property. This is only a good move for someone who can afford their monthly mortgage payment, but just fell behind temporarily, and can continue to make payments going forward. Unless you are unemployed or don't have ability to afford the payments as well as minimal standard of living, you should be able to file this chapter. I would recommend speaking with an experienced attorney to determine what your options are and if there are any other options for you to consider, such as loan workout or loan modification. It may be possible to file for chapter 13 bankruptcy and at the same time try for a loan modification.
Answer Applies to: California
Replied: 8/1/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Go see a lawyer, there are not enough facts here to give you any kind of answer. Bankruptcy offers lots of possible solutions.
Answer Applies to: California
Replied: 8/1/2011
Eric J. Benzer, Attorney at Law
Eric J. Benzer, Attorney at Law | Eric Benzer
Call attorney
Answer Applies to: Maryland
Replied: 7/30/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Ch. 13
    Answer Applies to: California
    Replied: 7/30/2011
    Law Office of Felipe A. Malo, P.A.
    Law Office of Felipe A. Malo, P.A. | Felipe Augusto Malo
    The only way to save your home in either chapter 7 or chapter 13 is to be up to date with your payments. If you are not up to date with payments foreclosure can still occur.
    Answer Applies to: Florida
    Replied: 7/29/2011
    Bankruptcy Law Center
    Bankruptcy Law Center | Bill Zurinskas
    Applies to Bankruptcy Colorado only: Keeping your homestead in bankruptcy largely depends on two factors: 1) whether or not you are current on your monthly payments and 2) how much equity you have in your homestead. The Colorado homestead exemption (assuming you can use Colorado exemptions) provides for a $60,000 homestead exemption ($90,000 for elderly or disabled debtors). If you are current on your payments and your equity in your homestead is below that provided for by Colorado exemption law (assuming you do not have any other chapter 7 qualification problem), then you would probably file a chapter 7 bankruptcy. If you are behind in your payments or have equity in excess of exemption limits, you are leaning toward filing a chapter 13 Bankruptcy.
    Answer Applies to: Colorado
    Replied: 7/29/2011
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    If you have equity in your home above what you owe to whatever lenders may have mortgages against the home plus your homestead exemption ($40,000 for a married couple and $20,000 for an individual in Utah) the home might be at risk of being sold by the trustee in Chapter 7. I say "might" because it all depends on how much the equity is. If you can't continue making the payments on the house, you will probably lose it to the mortgage company regardless of which chapter you file. If you can make the payments and have equity, Chapter 13 is probably best.
    Answer Applies to: Utah
    Replied: 1/21/2013
    Property and Estate Law, PLC
    Property and Estate Law, PLC | Alisa Lachow-Thurston
    If your home owes more than what is worth then there is no issue in regards of the bankruptcy court interested in selling your house. A bankruptcy can help save your house by reducing the debt to income ratio and making you more attractive for a loan modification, by cancelling an imminent foreclosure and giving you some more time to negotiate some other alternative or by eliminating second lien holders on the home and freeing monthly cash flow to pay for the principal mortgage, among many other reasons. However, bankruptcy is not the only solution. Consult an attorney as soon as possible to evaluate how some solutions help while others hurt.
    Answer Applies to: Virginia
    Replied: 7/29/2011
    Grasso Law Group
    Grasso Law Group | Charles Grasso, Esq.
    This is a very general question and you should speak with an experienced bankruptcy attorney to get your answer. Generally, if you qualify for and file a Chapter 13, you can keep your home as long as you can generate a bankruptcy plan that shows you can catch up on any back house payments and continue to make your ongoing payments for the plan period.
    Answer Applies to: California
    Replied: 7/29/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Whether you can keep your home in bankruptcy depends on the available "exemptions" and the equity and fair market value of your home. You should seek legal counsel for more information.
    Answer Applies to: Indiana
    Replied: 7/30/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If you keep current on your house payment you will not lose your home in bankruptcy unless you have non-exempt equity.
    Answer Applies to: California
    Replied: 7/29/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Whether you can keep your home depends on the details you did not give - your income, expenses, the terms of the loan, the amount of the loan, the amount of arrearage, the value of the home, and many other factors. What Chapter you can file and what effect it has on the home also require the same information. Only an experienced attorney, with all that information, cam answer you.
    Answer Applies to: Georgia
    Replied: 7/29/2011
    Glen A. Kurtis, P.C.
    Glen A. Kurtis, P.C. | Glen A. Kurtis
    This would depend on the value of the house and the amount of the mortgage outstanding.
    Answer Applies to: New York
    Replied: 7/29/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    There is far too little information here to answer this question. What is the value of the home? Is there a first and a second mortgage? How much is the mortgage(s)? What are the monthly payments? What is your current income? What are your current expenses? What other assets do you have? Every one of these is an important question necessary to answer your question, and even then, you really should be calling a bankruptcy attorney.
    Answer Applies to: California
    Replied: 7/29/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    Talk to a bankruptcy attorney. Without substantially more information, there is no one answer to your question.
    Answer Applies to: Michigan
    Replied: 7/29/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    It depends on how much equity you have in the house and if you can protect that equity. If my home where potentially at risk, it would well worth seeing an attorney to make sure I do not do something to loose the house in bankruptcy.
    Answer Applies to: California
    Replied: 7/29/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    You may be able to keep your home whether you file a chapter 7 or a chapter 13. Keeping your home will depend on your equity in the home. Please speak with a Bankruptcy attorney to discuss your options.
    Answer Applies to: New Hampshire
    Replied: 7/29/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    Your question has insufficient facts to answer. What is the debt vs fair market value? Are you current on payments? It's worth the money to pay a qualified attorney to help save everything you can.
    Answer Applies to: Virginia
    Replied: 7/29/2011
    Benson Law Firm
    Benson Law Firm | David Benson
    Your question regarding bankruptcy and your desire to save your home requires a lot more factual information to determine which path you should take. If you make less than the median income for a family your size and you are current on your mortgage, a Chapter 7 case may be just what the doctor ordered. If you are significantly in arrears, you may want to look at filing Chapter 13 (if you can put together a feasible plan). If you are in foreclosure, you may want to consider your options in defending against the foreclosure or in mediation, in addition to bankruptcy. Since your particular situation may have unique complexities and nuances that can influence your decision, I would strongly suggest seeking guidance from a qualified bankruptcy attorney in your area.
    Answer Applies to: Ohio
    Replied: 7/29/2011
    Braunstein Law, PC
    Braunstein Law, PC | Jacob Braunstein
    The answer depends entirely on the facts of your case, such as: how much is the house worth? Is there any equity? If so, how much? To determine which chapter you should file under, you should consult with an attorney.
    Answer Applies to: Oregon
    Replied: 7/29/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    It is impossible to give you a good answer to your questions with so little information. You should consult with an experienced bankruptcy attorney who knows the questions to ask and can give you the right advice.
    Answer Applies to: Colorado
    Replied: 7/29/2011
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