IF I WERE TO FILE A CHAPTER 7, WOULD I BE ABLE TO KEEP MY HOME? THE BANK OWNS THE HOUSE OF COURSE, BUT I WOULD LIKE TO KEEP MY HOME. I HAVE NO ASSET

Whether you can retain  your home in a after filing a Chapter 7 case depends on a number of factors.  First, obviously, you must stay current with all payments due on the property to mortgage holders, or else they will be able to foreclose. If there is equity in your home, then you can keep it if you have sufficient asset exemptions available under applicable law to protect the value of your equity in the property.  Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period. You should have a consultation with a qualified bankruptcy attorney in your area for more specifics on what you can and cannot protect. Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr