Can one file for bankruptcy and still keep their home?

Question

Mortgage payment always on time, few late credit card payments. What are the criteria to file? We have a negative amortized loan which will put us in a hole once the payments are recast. Any advice?

Answer 1

Yes, in most places as long as you continue to make the payments and pay the taxes on time, you can keep your home .

Answer 2

You need to talk to a bankruptcy lawyer. That is a last resort, meaning you can sell your home, your cars, your assets for every possible penny you can get, and still have the debt(which would ultimatley be taken care of by bankruptcy) Look in the phone book, find a bankruptcy lawyer. If your mortgage payment is on time, and a "few" late credit card payments, you should really try your best not to file for bankrupcy, both Get another job and pay on that loan(which im not exactly sure what an amortized loan is, but either way), do everything possible.

Answer 3

If you have a neg am..........you will likely have very large payments when it adjusts.

Have you looked into that? Your home may be more of a liability right now than an asset. Maybe you should walk from the home and keep your credit in tact.

Talk to a financial counselor.....or someone you know that is financially wise. ..............I dont see the benefit in keeping your home and ruining your credit when you home may take you under a few months after BK. Would more info but if your home has lost value and you wont be able to refi due to your credit.......its a liability not an asset.

Open Book Advisors™

Answer 4

It depends. If you file chapter 13, you will most likely keep your home. If you file chapter 7, you could lose it regardless of if payments are on time if there is enough equity to pay your creditors.

Answer 5

you needn't file out of the blue like you are stating. money management international. they will set you straight for a very reasonable price. they are a non profit, like the salvation army. good luck. [moneymanagement.org] good luck.