QUESTION
Can I keep one of my homes if I file for chapter 7 or chapter 13 bankruptcy?
Asked on Mar 28th, 2011 on Bankruptcy - California
More details to this question:
I have 2 houses, one with equity and one with none. Can I keep one and let go of the other if the lender has a second against the one I want to keep?
5 ANSWERS
I need more facts to answer your question. How much equity is there in the home that you want to keep? I need to know this and then determine how much of an exemption you have in the home that you want to keep. My best advice: call me for a free consultation.
Answered on May 17th, 2011 at 9:40 AM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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You may be able to keep one or both homes in either a Chapter 7 or Chapter 13 bankruptcy. The added value of filing Chapter 13 is that you may be able to cram down the value of investment property and may be able to strip a second mortgage on your residence. Talk to a qualified bankruptcy attorney for free to discuss which avenue, given your peculiar circumstances, makes the most sense.
Answered on Apr 11th, 2011 at 9:18 AM
Geoffrey C. Nwosu
Filing Chapter 13 bankruptcy will definitely help you keep your home. However, it is very advisable for you to consult with a bankruptcy attorney to review your financial situation. It might well be that the best solution will be for you to give up one or both houses. This is especially true if you do not have any income or enough income to fund the plan. Your monthly income will help your bankruptcy lawyer to determine what action will be appropriate for you and your situation. A solid income means that you can keep both houses. Your attorney may be able to reduce or eliminate your unsecured debts to help you pay your secured debts.
Answered on Mar 28th, 2011 at 10:17 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Yes. You can keep whichever house you choose. However, you have to remain current on the payments on house you keep and there may be some advantages right now that you may avail yourself of in a Chapter 13 case if the balance of your first mortgage exceeds the value of your house it would enable you to strip the second. You really must consult experienced counsel to understand all your options and the best chapter for you.
Answered on Mar 28th, 2011 at 10:05 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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That may be possible. In fact, it may be possible to keep both homes. If you are in my area, please contact me for a free consultation.
Answered on Mar 28th, 2011 at 9:59 PM