QUESTION
Can I still keep my home if it's on Chapter 7 bankruptcy?
Asked on Sep 19th, 2013 on Bankruptcy - Michigan
More details to this question:
My ex girlfriend filed chapter 7 bankruptcy recently. She and I own a home together. She also filed on a home equity line of credit which is in her name only. My first loan is currently under final modification. I want to know if I'm still going to be able to keep my home.
8 ANSWERS
Bankruptcy Chapter 7 Attorney serving Austin, TX
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The Law Offices of Sean T. Flynn, PLLC
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Yes you can keep your home if you file 7. This question has some nuances, you may file chapter 7 and keep the house although if the modification is unsuccessful then you will need to find a way to get current on the home because chapter 7 will not get you current. Also, the ex girlfriend will need to pay the home equity loan. Even though you are not on the note the note has to be paid in order for the bank from not foreclosing. Depending on your circumstances a chapter 7 can help you eliminate unsecured debt, but it will not help you keep the house other than to free up your other expenses or very temporally prevent a foreclosure.
Answered on Sep 23rd, 2013 at 5:03 AM
That is between you and the banks in working out a modification.
Answered on Sep 23rd, 2013 at 4:46 AM
You haven't provided me with enough information to properly answer your question. Is there equity in the property? If so, did your ex girlfriend claim an exemption for this equity? If not, her bankruptcy trustee may wish to sell her interest in the property to you.
Answered on Sep 20th, 2013 at 11:13 AM
If the equity, if any, is protected you can keep the home. If there is unprotected equity a trustee could sell the house. See an attorney as soon as possible that knows the bankruptcy laws.
Answered on Sep 20th, 2013 at 10:01 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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If you are within your exemptions, and your mortgage is current you should not lose your home.
Answered on Sep 19th, 2013 at 4:57 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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You should be able to, although I don't know how what the HELOC will do. Consult with one of us for some good advice. There may be some money saving opportunity for you in there.
Answered on Sep 19th, 2013 at 2:41 PM
2 Awards
Yes, you can keep your home.
Answered on Sep 19th, 2013 at 1:39 PM
All loans would have to be paid on the house in order to stay in it and avoid foreclosure.
Answered on Sep 19th, 2013 at 1:24 PM