QUESTION
If I file bankruptcy, can I maintain possession of my home?
Asked on Jul 09th, 2013 on Bankruptcy - Idaho
More details to this question:
My daughter is a recovering pain medication addict. She has used my credit cards to live off of and now I will not be receiving my retirement money it has been depleted. The only income I will have is social security and I have a part time job.
10 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Yes, secured debt such as your mortgage will go through bankruptcy unaffected you will need to keep paying for it to keep it. And discuss with your attorney the aspects of reaffirming that debt.
Answered on Jul 11th, 2013 at 7:39 AM
Regulatory Attorney serving Spokane, WA
Partner at
Deissner Law Office, P.C.
The general answer is yes. But here is the thing: one way or another you will have to bring the mortgage on your home current and keep it current. If you can do that given your income then keeping the home will usually not be a problem. If not you need to look at a BR as a way to buy time to sell the the home and keep the exempt portion of the equity.
Answered on Jul 10th, 2013 at 8:10 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Most likely, but it depends on where you live, the value of the house and the debts secured against the house.
Answered on Jul 10th, 2013 at 8:10 PM
Deborah F. Bowinski
It will depend upon how much equity you have in your home and in which jurisdiction you live. Different states have "exemptions" that determine what assets one can own and protect when filing bankruptcy. Some stated have their own exemption schemes and others use the federal exemptions set out in the bankruptcy code. With what is at risk you should consult with and retain an experienced bankruptcy attorney to guide you through the process.
Answered on Jul 10th, 2013 at 8:10 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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You can maintain possession of your home in bankruptcy, IF you can afford it. If you have arrears (past-due payments), you can pay those in a Chapter 13. However, you must be able to make the regular payments, plus insurance and property taxes if you wish to remain in your home. This answer was provided as a public service to a question posed on the Law Q & A website. The answer is based on the information provided and is limited to those facts.
Answered on Jul 10th, 2013 at 8:09 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If you have less than $15,000 in equity in the home, you can keep it and file a chapter 7. If you have more than that figure, you can keep the house and file a chapter 13.
Answered on Jul 10th, 2013 at 8:09 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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It sounds to me like you need to speak to a bankruptcy attorney. As far as staying in your house, it depends on whether you can still afford to make the payments, and how much equity you have in the house. You need to speak to an experienced bankruptcy attorney, and call for a free consultation. You will need to get together your last 4 years of tax returns, proof of income, and your bills, including your mortgage statement.
Answered on Jul 10th, 2013 at 8:08 PM
To keep ownership of your home after a bankruptcy requires that you continue to make the ongoing payments & have less equity than is allowed under state exemptions. In Nevada, that would be less than $550,000 in equity.
Answered on Jul 10th, 2013 at 6:01 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
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In New Jersey, as long as you are current on your Mtg, and continue to make your payments, yes, you would be able to keep it, subject to the Trustee abandoning his/her interest and minimal equity.
Answered on Jul 10th, 2013 at 11:13 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Typically yes, but it will depend on whether you are current on the home, whether exemptions cover any equity, and more. Visit with an attorney to determine the outcome regarding your exact situation.
Answered on Jul 10th, 2013 at 9:11 AM