Can I File Bankruptcy and Keep My Home?
If you are a homeowner and considering whether or not to file bankruptcy, the first question that comes to you mind is whether or not you will be able to keep your home.
Like many questions regarding bankruptcy, the answer depends on your unique situation and the laws in your state. While it may be possible to keep your home while filing bankruptcy, a bankruptcy lawyer can help you explore the specifics of your case to get a better understanding of what to expect.
How Can I Keep My Home After Filing Bankruptcy?
Since state laws concerning bankruptcy differ, a bankruptcy attorney in your state will be the best equipped to provide you with specific information and legal advice on your situation. The information below, however, may help you get started on gathering the information your attorney may need.
Get information on your state regulations concerning exempt and non-exempt items.
Depending on the type of bankruptcy you file (Chapter 7 or Chapter 13), state protections known as exemptions may allow you to protect the value of your home from creditors. However, every state sets its own exemption laws, so where you live will play a big part in this. Exemptions only apply in Chapter 7 cases. If you file for Chapter 13 bankruptcy, you may be able to keep your home, regardless of state exemption laws.
Obtain copies of deeds if your home is completely paid off, or mortgage information if you have a first or second mortgage on the home.
These documents will likely need to be included in your bankruptcy filing, especially if you are past-due on mortgage
payments. You may be able to include any past-due payments in your case and pay them back over time.
Consult your attorney before making any major decisions such as participating in a short sale or transferring home ownership to another person.
Attempts to hide assets can lead to fraud charges, even if you sold your home in good faith. Besides the issue of legality that may arise, the fact that you are considering or going through bankruptcy may cause you to make unwise decisions that you might regret later. Consulting with your attorney beforehand will help you make informed decisions regarding selling or transferring your home.
Arrange for an Attorney Consultation When Considering Whether to File Bankruptcy
A bankruptcy attorney can help you deal explore your options if you are considering whether or not to file bankruptcy is the right choice for you. You can connect with a bankruptcy lawyer in your area by calling 877-833-2410 or completing the free bankruptcy case review form below. Get started now and arrange your free, no-obligation initial consultation.