When you file bankruptcy what happens if I owe money on my home, do I lose my home and how do I go about filing for bankruptcy? 25 Answers as of October 31, 2012

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Kenneth A. Parker, P.C.
Kenneth A. Parker, P.C. | Ken Parker
You should be able to keep your home if: 1. You do not have an excess amount of equity in your home and, 2. You are current on the payments, and 3. You continue to make the payments. The answer depends on the above 3 items but of course, it's a little more complicated than that. Call a bankruptcy attorney to find out more information as every case is a little different.
Answer Applies to: Georgia
Replied: 10/31/2012
Havens Law, LLC
Havens Law, LLC | William Havens Nebeker
You can usually keep your home in bankruptcy. If you are not behind on payment and have the ability to continue to make payments, then you can file a Chapter 7 that will make most of your debts noncollectable. If you are behind in your payments, then a Chapter 13 might be better so you can make up those missed payments and keep your home. You should contact an attorney to discuss your options and find the best choice for you.
Answer Applies to: Utah
Replied: 10/30/2012
LAW OFFICE OF MARGARET L. EVANS, PC
LAW OFFICE OF MARGARET L. EVANS, PC | Margaret L. Evans
You can exempt a certain portion of the equity in your home; right now, many folks actually owe more than its worth, so there is not an exemption problem; if you are behind in mortgage payments, then a Chapter 13 might be better for you so you can include the mortgage arrearage in the plan; if you're current on your mortgage, then you might better benefit from a Chapter 7 since BKY is such a technical and tricky area of the law, you would be best served by consulting a local bankruptcy attorney in your area.
Answer Applies to: South Carolina
Replied: 10/29/2012
The Smalley Law Firm, LLC | Cary Smalley
You can keep your home as long you are able to continue to make your payments on it. I suggest you consult with a bankruptcy attorney to discuss the details of your specific situation.
Answer Applies to: Kansas
Replied: 10/26/2012
Graves Law Firm
Graves Law Firm | Steve Graves
You can keep your home, but only if you can pay the money you owe against it. If you have income that will enable you to pay your regular payments and something toward any arrearage, you can probably propose a workable plan in a Chapter 13 case.
Answer Applies to: Texas
Replied: 10/25/2012
    Dan Wilson Bankruptcy
    Dan Wilson Bankruptcy | Dan Wilson
    This stuff is complicated. Please schedule a consultation with a lawyer. To answer your question, you can keep your home if you can make your mortgage payment. If you are behind on your mortgage you will have to get caught up. Ch 13 is a good way to deal with arrears.
    Answer Applies to: Colorado
    Replied: 10/25/2012
    Law Offices of Terrell Monks
    Law Offices of Terrell Monks | Terrell Monks
    If you file chaptetr 7 bankruptcy and are not behind on your house payments, you can retain the house without great difficulty. If you are behind on your house payments, you may need to consider a Chapter 13 bankruptcy.
    Answer Applies to: Oklahoma
    Replied: 10/24/2012
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Whether you can keep your home or not in filing bankruptcy depends on the equity that you have in the home and the exemptions available to you when and where you file bankruptcy.
    Answer Applies to: Indiana
    Replied: 10/25/2012
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    As with any debt financing the purchase of property, you have to make a choice when you file bankruptcy - pay and keep the property, or walk away and owe nothing. The decision is complicated by the fact that the process to foreclose on property is set out by state law and can be quite lengthy. I believe that the best way to go about filing bankruptcy is to consult with a local bankruptcy attorney who will work with you to make sure your concerns are addressed.
    Answer Applies to: Nevada
    Replied: 10/25/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you want to keep the house, you keep paying for it. I do not have enough information about you to suggest how you should file. The mere fact that you own a home suggests to me that you should see a lawyer.
    Answer Applies to: California
    Replied: 10/25/2012
    Law Office of Christian F. Paul
    Law Office of Christian F. Paul | Christian F. Paul
    The short answer is that most people who own a house, and are behind on their mortgage payments, and file a Chapter 7 bankruptcy, end up keeping their house.? They have to keep up with the mortgage payments afterward, or the lender will foreclose and take the property away.? But usually they get the debt discharged by the Bankruptcy Court, so the lender cannot get any money out of the debtor, just the house. Obviously that's a broad generalization.? You should make an appointment to speak with a local bankruptcy attorney often they will give you a 30-minute consultation for free and take with you your deed, your vehicle registrations, your last two years' tax returns, last two or three pay stubs, most recent statements / invoices / demand letters from everyone you owe money to, a list of your assets, and a list of your ordinary monthly expenses.? The attorney should be able to size up your situation and give you an answer whether bankruptcy will help you, what to expect, and how much it will cost.
    Answer Applies to: California
    Replied: 10/24/2012
    Stephen A Harry, P.C. | Stephen A Harry
    You do not lose your home unless you stop making the payments. There are two main Chapters you can file under, Chapter 7 or Chapter 13. Usually Chapter 13 is used to stop a foreclosure on a home. There are various rules that relate to your petition filed with the Court. I would be happy to discuss your options on a phone conference call at no cost to you.
    Answer Applies to: Oklahoma
    Replied: 10/24/2012
    Philip R. Boardman, Attorney at Law
    Philip R. Boardman, Attorney at Law | Phil Boardman
    You could lose your home to the Trustee if there is equity that can not be protected. Normally, as long as you can still pay your monthly mortgage, you can keep your house. Your first step in filing should be to make an appointment with a bankruptcy attorney.
    Answer Applies to: Virginia
    Replied: 10/24/2012
    Bordeaux Law, P.C.
    Bordeaux Law, P.C. | Clifford Bordeaux
    In most cases, you can keep the home and continue making payments on the home. If you have substantial equity in the home, then you may need to file Chapter 13 instead of Chapter 7 bankruptcy in order to keep the home. I strongly recommend that you schedule a free consultation with a local bankruptcy attorney, as a lot depends on your individual situation (value of the home, amount of the mortgage debt, value of your other assets, current income and expenses, etc.)
    Answer Applies to: California
    Replied: 10/24/2012
    Attorney at Law | David Holbrook
    Everyone owes money on a home, that is, very few people have actually paid off a mortgage. You can keep your home in either a CH7 or CH13. The details of filing involve filing the proper documents, and appearing at a hearing (sometimes two).
    Answer Applies to: Georgia
    Replied: 10/24/2012
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    You need to analyze whether you should attempt to file a chapter 7 or go with a 1313. you can keep your home under either chapter but each one has different requirements, advantages and disadvantages. It would take along time to attempt to explain all this with this format. My advice is to get a free appt with An attorney so you can discuss this thoroughly.
    Answer Applies to: California
    Replied: 10/24/2012
    Law Office of Bijal Jani | Bijal Jani
    Depending on the legal provisions in your state and the type of bankruptcy you file, you can prevent the loss of your home if it is shown that this is your only shelter. You should seek the advise of an experienced attorney to ensure that your rights are protected.
    Answer Applies to: New York
    Replied: 10/24/2012
    Eliza Ghanooni, Attorney at Law
    Eliza Ghanooni, Attorney at Law | Eliza Ghanooni
    The answers to your questions depend on your individual financial situation. It is best to consult a bankruptcy attorney so they can advise you regarding which of your assets will be exempt and which chapter of bankruptcy would be best for you.
    Answer Applies to: California
    Replied: 10/24/2012
    Law Office of Robert Sisson | Robert Sisson
    You will not lose your home. However, you will have to continue to make timely payments on it to keep it through the bankruptcy process and after bankruptcy. Sounds as if you need to hire a good bankruptcy atty.
    Answer Applies to: Wisconsin
    Replied: 10/24/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    No, you do not lose your home, you would just continue to pay your mortgage but the note would be discharged. To file properly, you should call our office or a local attorney to file your bankruptcy.
    Answer Applies to: New York
    Replied: 10/24/2012
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    It depends on what you are looking to accomplish. If you are looking to keep the house, I would recommend a Chapter 13 where you can pay back the owed amounts, but you have to remain current on the payments going forward. If you are looking to get rid of the property, you may want to surrender same in a Chapter 7. As for how to file, I recommend that you speak with a bankruptcy attorney in your jurisdiction. Many offer free consults.
    Answer Applies to: New Jersey
    Replied: 10/24/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    Not normally. It depends on where you live and the exemptions of that state. If you live in Arizona consider the following. 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. Please take time to educate yourself about bankruptcy and to determine which attorney is the best to assist you in the process. Don't assume the attorney is being completely honest about their experience and capabilities. Check them out. Avoid the attorneys who advertise on TV or profess a 100% success rate in their Internet ads. It costs hundreds or thousands of dollars for these ads and someone has to pay for them - the clients. These attorneys mass produce the work and do not offer the client the hands on assistance that is necessary in a well-planned bankruptcy. Normally these firms assign all or most of the work to paralegals and the client rarely talks to an attorney. When interviewing the attorney ask them how long they have practiced bankruptcy law. Ask what percentage of their practice is focused on consumer work. Ask whether they are experienced in both chapter 7 and chapter 13 cases. Ask the attorney for references. Ask about their policy of returning phone calls. They should be committed to answering specific questions about your situation and help you understand your options. If, after talking with them you are still confused about the issues you raised, find another attorney. An attorney should be your guide through this process. They should educate you, be there to assist you in how to avoid pitfalls and help you plan for your future after bankruptcy. There are hundreds of "bankruptcy" attorneys in Arizona. Of those just a few will fit the criteria set forth above. Again, bankruptcy is a very complicated process and you want to use an attorney who will be there when you need them.
    Answer Applies to: Arizona
    Replied: 10/24/2012
    Gonzalez & Tybor PA | David Tybor
    You have several options when you have a home and file bankruptcy. It depends if you are current, a little bit behind in payments, or many many months of non-paying. Bankruptcy is really a two-step process. First you retain a lawyer or law firm for an initial consultation to identify your eligibility for bankruptcy and other issues that need to be addressed BEFORE the case is filed. Then there is a period of time when you pay your attorney fees, gather documents that the court requires, and Resolve the issues that can affect your bankruptcy filing. After fees are paid, documents are collected, and issues are resolved, THEN your case is filed.
    Answer Applies to: Florida
    Replied: 10/24/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    You will eventually lose the home if you do not make the mortgage payments. Filing Bankruptcy is not something that can just be done quickly. It takes a long time to get all of the necessary documents ready to be filed.
    Answer Applies to: Florida
    Replied: 10/24/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Under certain circumstances you may keep your home. It is best to hire an attorney.
    Answer Applies to: Michigan
    Replied: 10/24/2012
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