Bankruptcy and home ownership?

Question

Is there any way to keep your house while filing bankruptcy? Also, where do people live after they file, since they lose their house and you have to have credit to get an apartment?

Answer 1

Find out if your state has a Homestead Act, that will protect your principle residence regardless of bankruptcy. Most states have some type of protection for a principle real estate in the event of bankruptcy, but many have limitations. It would be helpful to know what state you are living in?

Answer 2

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RE Bankruptcy and home ownership?

Is there any way to keep your house while filing bankruptcy? Also, where do people live after they file, since they lose their house and you have to have credit to get an apartment?

Answer 3

If you own your home outright, some states will protect your ownership in bankruptcy. However, if you have a mortgage, the lender will foreclose and take your home. After bankruptcy, people live where they can. Some are able to move in with relatives or friends until they can get back on their feet. Some are out in the street.

Answer 4

Most States have some kind of homestead exemption that protects you primary home.

If yours does not, simply sign a reaffirmation agreement. This simply says that you want to keep the home and agree to keep making your payments as agreed. It does not change the interest rate, payments or term.

O.B.T.W. Bankruptcy laws are Federal not State.

Answer 5

It relies upon on what State you reside in. i think right now, Texas, Florida and Tennessee are the only States the place they can't grab your abode. All different States, sure. seek for a financial disaster criminal expert to check the real information and what sorts of bankrupcies you're able to do (as there are a number of)

Answer 6

yes, in most case and depending on state you live in.