2007-12-16 14:20:19 · 2 answers · asked by wondern 1 in Business & Finance ➔ Renting & Real Estate
There is a process called 're-affirming' in bankruptcy which means you re-affirm that you can pay the debt for your home or for your car. You still have payments on those things if you are allowed to keep them.
If you already own your house free and clear it might be difficult to keep it through a liquidation bankruptcy, but you might be able to keep it if you work out a payment plan with your creditors.
good luck!
2007-12-17 02:56:16 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
If you declare bankruptcy and your house has a mortgage on it you would not be able to keep it free and clear. You would still need to pay your mortgage off to eliminate that debt.
If your home is already free and clear then you would need to file a Chapter 13 bankruptcy which would allow you to keep you home free and clear. However, if you sold your home while still in the Chapter 13 then you would probably be required to apply those proceeds to pay towards your bankruptcy.
2007-12-16 23:11:44 · answer #2 · answered by John P 2 · 0⤊ 0⤋