Bankruptcy Will I Lose My House or Apartment?

Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.

Bankruptcy Will I Lose My House or Apartment?

One of the biggest worries you may face in deciding whether to file for bankruptcy is the possible loss of your home, whether you own or rent. Take a deep breath and understand that the bankruptcy system is not designed to put you out on the street. If you’re current on your home or rent payments and can afford to keep paying them your chances of staying in your current abode look good. If you’re behind but can now afford to make your payments, you might be able to get back on track through bankruptcy. Even if you can’t afford your payments, bankruptcy may provide a little breathing room to deal with the inevitable: finding a new place to live.

Homeowners Filling for Bankruptcy
Whether you’ll be able to keep your home after filing for bankruptcy will depend on a number of factors, including whether you are current or behind on your mortgage payments, how much equity you own, the state in which you live, and whether you file a Chapter 7 or Chapter 13 bankruptcy. There are two general rules.

a) If you are current on your mortgage payments. Whether or not you will lose your home in a Chapter 7 bankruptcy depends on the amount of equity you have in the property and the amount of any homestead exemption to which you are entitled. If you filed for Chapter 13 bankruptcy , you will not lose your home as long as you continue to make your mortgage payments.

b) If you are behind on your mortgage payments. You will almost certainly lose your home if you file a Chapter 7 bankruptcy. Your mortgage lender will ask the bankruptcy court to lift the “automatic stay”, and the court will probably grant the request, allowing the mortgage lender to begin or resume foreclosure proceedings. In a Chapter 13 bankruptcy, you will not lose your home, no matter how much your equity is, if you immediately resume making the regular repayments called for under your agreement and provide for possible of your missed mortgage payments through your Chapter 13 bankruptcy plan.

Bankruptcy Is it the right solution to your debt problems? Attorney Robin Leonard

Bankruptcy Will I Lose My House or Apartment?

Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.