Will I automatically lose my home if I file for bankruptcy? 33 Answers as of June 29, 2013

If I am still paying for my house's mortgage, is there a way I can lose it because of Chapter 7?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
The secured debt will survive the bankruptcy.
Answer Applies to: Washington
Replied: 7/2/2012
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
You should consult an experienced bankruptcy attorney for guidance. Most people who file bankruptcy are able to keep their homes.
Answer Applies to: Indiana
Replied: 7/2/2012
Attorney At Law | Harry D. Roth
No, you will not automatically lose your home in a chapter 7. You may protect up to $75,000 in home equity if you are single and have no minor children, $100,000 if you are married or have a minor child or $150,000 if you are over 65 or disabled. If you don't have that much home equity or if you are upside down, then you absolutely will not lose your home unless you stop making the payments.
Answer Applies to: California
Replied: 6/29/2012
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
To keep your home after bankruptcy keep making the regular payments.
Answer Applies to: California
Replied: 6/29/2012
Guardian Law Group PLLC
Guardian Law Group PLLC | C. David Hester
No you will not automatically lose your home and in most cases can keep it. You need to speak with an attorney to determine your best options.
Answer Applies to: Utah
Replied: 6/22/2012
    The Law Offices of Kristy Qiu
    The Law Offices of Kristy Qiu | Mengjun Qiu
    If the house is underwater, he only way you'll lose it is if you stop paying for it. If the house has equity, it depends on the exemption you're allowed. In Florida, homestead exemption is unlimited, but you should check with an attorney in other states.
    Answer Applies to: Florida
    Replied: 6/29/2012
    Dan Wilson Bankruptcy
    Dan Wilson Bankruptcy | Dan Wilson
    You will not lose your house unless you default on your payments. This assumes your equity is exempt.
    Answer Applies to: Colorado
    Replied: 6/28/2012
    Olson Law Firm | Edward M Olson
    No. If you have "too much" equity in your home, you will have to negotiate with the Trustee to keep it. But you never "automatically" lose your home.
    Answer Applies to: Michigan
    Replied: 6/28/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If there is no equity or if there is equity and you have enough exemption to cover that equity then no you will not lose your home.
    Answer Applies to: New York
    Replied: 6/28/2012
    The Stockman Law Office | Mary Stockman Esq.
    No you will not.
    Answer Applies to: Florida
    Replied: 6/28/2012
    Ferguson & Ferguson
    Ferguson & Ferguson | Jackie Ferguson Graham
    As long as you make your house payment and keep your mortgage current you will not lose your home in a chapter 7.
    Answer Applies to: Alabama
    Replied: 6/28/2012
    Alvin Lundgren | Alvin Lundgren
    If you continue to make payments you can probably keep your house.
    Answer Applies to: Utah
    Replied: 6/28/2012
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You will not lose your home as long as you are paying it.
    Answer Applies to: Florida
    Replied: 6/29/2013
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    If you file bankruptcy and you keep your mortgage payments current you will not lose the house. You will want to claim the homestead as exempt in the bankruptcy papers and it is a far too complicated procedure to file without an attorney. You can read about chapter 7 in a pamphlet at my website. Talk with the attorney about whether you will want to reaffirm the mortgage during bankruptcy.
    Answer Applies to: Florida
    Replied: 6/28/2012
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You will not lose your home by filing bankrutpcy if you can exempt (protect) your equity in the home. The equity is the difference between the value of the home (what it could be sold for less the mortgages against the home).
    Answer Applies to: California
    Replied: 6/28/2012
    Steven Alpers | Steven Alpers
    If you reaffirm the debt and continue to pay the mortgage you will keep the property. Ways of losing it are generally if there is too much equity in the house and you must sell it or refinance to pay down the protectable equity.
    Answer Applies to: California
    Replied: 6/28/2012
    Connaghan Newberry Law Firm
    Connaghan Newberry Law Firm | Tara D. Newberry
    If you are current on payments and file under Chapter 7, it is not likely you will lose your home. There are certain circumstances that would have to be analyzed, such as the amount of equity in the home and whether the homestead exemption would protect the equity, but generally, if you are current on your home loan payments, you will be able to keep the house. I recommend meeting with a qualified bankruptcy attorney to analyze your financial situation and advise you on how to proceed with the chapter 7 with the best chance of keeping your home.
    Answer Applies to: Nevada
    Replied: 6/28/2012
    Burton Green, Attorney | Burton Green
    In Florida your home is fully exempt and you will not lose your home in a chapter 7 because of the bankruptcy. However, you must be and remain current in your all your mortgage payments or the lenders can pursue a civil foreclosure action after the bankruptcy.
    Answer Applies to: Florida
    Replied: 6/28/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    You will not automatically lose the house if you file for bankruptcy. You need to keep making your mortgage payment, you need to be current on the mortgage, but you also need to make sure you can protect the equity in the house.
    Answer Applies to: California
    Replied: 6/28/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    Normally no. But it depends on the state where you live, the value of the house and the debt secured against the house. Please understand that 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: 6/28/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Only if you have equity above your homestead exemption. If you have equity, see a lawyer before you file.
    Answer Applies to: California
    Replied: 6/28/2012
    Saedi Law Group
    Saedi Law Group | Lorena Saedi
    Whether or not you can retain your home when filing for Chapter 7 bankruptcy will depend on the amount of equity that is in the home. The equity limits were just raised in Georgia so that you now can have up to $21,500 in equity per person on the title of the property if the property is your personal residence.
    Answer Applies to: Georgia
    Replied: 6/28/2012
    The Smalley Law Firm, LLC | Cary Smalley
    You should be able to keep your home when filing for Chapter 7 bankruptcy as long as you continue to make your monthly payments. However, the lender may ask you to sign a reaffirmation agreement. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
    Answer Applies to: Kansas
    Replied: 6/28/2012
    Wajda Law Group, APC
    Wajda Law Group, APC | Nicholas M. Wajda
    No, you will not automatically lose your home if you file Chapter 7. There are exemptions available in all states to protect specific types of property. Depending on which state you live in, you would need to look into the homestead exemption for your state (assuming you have lived in the same place for the last two years). Different states have very different homestead exemptions so it is best to speak with a licensed attorney in your state to make sure the equity in your home, if any, is protected.
    Answer Applies to: Nevada
    Replied: 6/28/2012
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    No.
    Answer Applies to: California
    Replied: 5/29/2013
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    If you are making the payments to the lender, then you are not in default on the loan and filing bankruptcy is not a reason to foreclose. There is also an issue with the bankruptcy trustee. If there is equity which you cannot protect with an applicable exemption, then the trustee has the right to sell the property to pay creditors. If there is no equity, or if you can protect the equity with an applicable exemption, then you do not loose the property to the trustee.
    Answer Applies to: California
    Replied: 6/22/2012
    Neuhaus Law Office
    Neuhaus Law Office | Gregory M. Neuhaus
    No, under most circumstances you can reaffirm and keep your house.
    Answer Applies to: Nebraska
    Replied: 6/28/2012
    Bruce Plesser | Bruce Plesser
    You are the victim of predatory lending. You have options.
    Answer Applies to: Florida
    Replied: 6/28/2012
    Weber & Phillips, P.A.
    Weber & Phillips, P.A. | John G. Phillips
    No, you will not "automatically" lose your home. Bankruptcy does not guarantee that you can keep it, but it also doesn't guarantee it's loss either. Hire a good, local bankruptcy attorney and they can tell you exactly what to expect.
    Answer Applies to: Arkansas
    Replied: 6/28/2012
    David Andersen & Associates PC | Jeremy Shephard
    The answer is no. You will not automatically lose your home if you file for Chapter 7 bankruptcy. Generally, individuals who are current on their mortgage and file a Chapter 7 bankruptcy have no issue keeping their home after filing bankruptcy. In limited circumstances, there are issues with keeping a home. An attorney would be able to advise whether your situation falls into those circumstances after reviewing your case.
    Answer Applies to: Michigan
    Replied: 6/28/2012
    John A. Ferguell P.S. | John Ferguell
    No, you can usually keep you home as long as you continue to make the mortgage payments. You are only allowed to exempt a certain amount of the equity in the home which differs depending on whether you choose the federal exemptions or the state exemptions.
    Answer Applies to: Washington
    Replied: 6/28/2012
    Law Office of Pho Ethan Tran PLLC
    Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
    In Texas, you can choose to reaffirm your mortgage in bankruptcy which will allow you to keep your home as long as you remain current on the payments.
    Answer Applies to: Texas
    Replied: 6/28/2012
    The Law Office of Nathan D. Borris, Esq.
    The Law Office of Nathan D. Borris, Esq. | Nathan D. Borris
    Only if your equity (if you have any) exceeds the amount you are able to exempt from the bankruptcy estate. How much do you owe on the property and what is it worth.
    Answer Applies to: California
    Replied: 6/28/2012
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