can you file bankruptcy and you get still to keep your house?

Question

can you file bankruptcy and you still get to keep your house .

Answer 1

Most times yes you can.

If your State has a homestead exemption law or if you sign a reaffirmation agreement.

This agreement simply say's that you want to keep your house and will continue to make payments as agreed. It doe's not affect your term, rate or payments. If you do this, you will need to call your lender and make sure that they continue to report to the credit bureaus.

And bankruptcy laws are Federal not State.

I have posted a link so you can look this up, they even have a test you can take to see if you qualify and for what chapter.


http://www.bcsalliance.com/index.html

Answer 2

You can keep your house under some circumstances:

If you have no equity and are current on the mortgage, you can keep the house whether you file a 7 or 13.

As people have mentioned whether you can keep your house if it has equity in a chapter 7 depends on your state's homestead exemtpion. One person mentioned that you can choose between state and federal but that is state specific. For example in Minnesota you can exempt 160 acres up to a value of $500k for agricultural land or up to $250k for a city lot (I think the values may have changed recently but that's what it was last I checked). But you can opt for federal exemptions in Minnesota instead (but the homestead exemption for federal is dreadful so you would likely opt for Minnesota Exemptions. In Illinois, on the otherhand, you HAVE to use Illinois exemptions, you don't get to opt to use federal. Each state decides which exemptions apply, I think some states do just use the federal exemptions, some give you a choice, and some require you to use the state exemptions.

If you do have a ton of equity in the house even taking the exemption into account, you can still file, but you have to file a chapter 13 if you want to keep the house and pay up to the amount of equity you have in the house and other property into the plan (if you owe less than the equity, then you will be paying 100% of your debts).

If you are behind on the house, you have to file a chapter 13 to keep the house. Filing a chapter 7 while you are behind on the house will only delay the inevitable loss of the house.

Answer 3

It depends on the state rules and your individual situation. I did a bk twice and kept the house. However, my wife was on the house the first time and it was a chapter 13 back in 1987. The second time she became my ex, and had her name on the house, and it was a chapter 7. I live in CA which has a homesteading law.

Check in with a bk attorney.

Oh and the answer is yes.

Answer 4

she would be able to choose an felony expert till she is approved in massive apple to prepare in the previous the bar on her very own. There are categories of financial disaster filings, some wherein the courtroom takes over her materials and determines which lenders to pay and how. It looks like possibly her ultimate guess may be a reorganization submitting, wherein the courtroom variety of places itself between her and the lenders and he or she keeps her materials and could pay her money owed consistent with the courtroom's training, which lenders are additionally certain via. some states enable a financial disaster 7 submitting to do what they call "reaffirm the debt" wherein the debtor keeps specific contracts and materials and the courtroom makes a decision what happens to the rest. She shouldn't attempt to "do it herself" as this might properly be an fairly complicated felony dance. yet with the proper submitting plan definite she might properly be waiting to maintain her homestead if she would be able to coach she would be able to nonetheless pay the debt. She ought to evaluate remortgaging her homestead to pay off each and all of the mastercard and shopper debt and in basic terms have one month-to-month (slightly larger consistent with probability) charge for the homestead. There are dozens of shopper advocacy communities who can help her be certain what to do, tell her I wish her success. there is not the comparable stigma linked to financial disaster as there was, hundreds of thousands of people are forced to try this each and every 3 hundred and sixty 5 days. submit to in strategies that a financial disaster would not make the debt magically bypass away, it in basic terms makes the lenders end felony sequence. If at it sluggish sooner or later she resumes any variety of business enterprise dealing with that creditor they are able to resume determination of the previous debt. And any automobile loans that are charged off as a reult of the submitting grow to be taxable earnings to her in the three hundred and sixty 5 days wherein she have been given the deepest loan, which the IRS then modifies her returns for that 3 hundred and sixty 5 days and there might properly be considerable tax effects. you will possibly be able to touch me for extra information in case you pick.

Answer 5

In addition to Spifiman's reply, it also depends on how much equity you have in the house. If you have clear deed to a $500K house, you ain't gonna be allowed to stiff $200K of credit card debt.

Answer 6

No.