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can I keep my home while filing for ch. 7. Any specific things that needs to take place? How current do I need to be on mortgage because my mortgage is due on the 1st but I tend to pay it around 10-15th each month, but make it before the 1st comes back around. I have been late one time and that was last Sept 2013 but caught it up and have being paying the way I said (above) each month. I don't want to lose my home if I file.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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There are two main ways you can lose your home in a Chapter 7 case:
1. You fail to make the required payments to the mortgage lender(s) or adhere to the terms of your Note and Deed of Trust. (This, by the way, is the same regardless of whether or not you file bankruptcy)
2. There is more equity in the property than you have exemptions under applicable law available to cover.
If you are current with your mortgage payments, as you indicate you are, then #1 shouldn't be an issue.
Without knowing the value of your property and amounts owed against it, as well as which state's exemption laws apply in your case, I can't tell you whether or not the Trustee would be interested in or able to sell your home in a Chapter 7 case.
If you are unsure, you should have a consultation with a bankruptcy attorney in your area.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Jun 10th, 2014 at 3:50 PM