QUESTION
Should I consider bankrupcy to keep my primary home?
Asked on May 29th, 2012 on Bankruptcy - Florida
More details to this question:
By filing bankrupcy will I be able to keep my primary home.
16 ANSWERS
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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If you file a Chapter 13 and arrange to cure the payments or arrange a modification while in the Chapter 13, this is one way to stop the foreclosure and keep the home. You can also file a Chapter 7. This will delay the foreclosure for a couple of months but that is all.
Answered on Jun 18th, 2012 at 6:07 PM
Chapter 13 bankruptcy allows you to stop or prevent foreclosure and pay arrears over time.
Answered on Jun 18th, 2012 at 5:09 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Most likely you can keep your home, but I would need more information. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Jun 12th, 2012 at 8:46 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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When you file bankruptcy your home becomes property of the bankruptcy estate. However, you can claim a homestead exemption up to a certain amount (which varies according to marital status, single or married, age and disability.) Consult with an attorney as to the specific facts of your case.
Answered on Jun 12th, 2012 at 9:54 AM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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In Florida your home would usually be exempt. You do have to pay a mortgage. You should consult an attorney to see if there is any problem claiming your homestead exemption.
Answered on Jun 11th, 2012 at 10:38 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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In Texas, your home is exempt from the bankruptcy estate as long as you continue to make payments on any outstanding mortgages.
Answered on Jun 11th, 2012 at 10:28 PM
Yes, file bankruptcy.
Answered on Jun 11th, 2012 at 10:14 PM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Yes you may consider bankruptcy to keep your home. The homestead in Florida is exempt from the claims of creditors. However, your use of the word primary, if it suggests the ownership of more homes, would require a detailed analysis by a bankruptcy attorney. There are two chapters which should be considered in filing for bankruptcy. Chapter 7 and Chapter 13. There are many requirements for each, and these things should not and cannot be done properly by petition preparers. They cannot give legal advice. You need an attorney.
Answered on Jun 11th, 2012 at 8:52 PM
Normally, the answer is "yes". If you can afford to make the payments and you otherwise meet the bankruptcy requirements, then yes. Talk to an attorney who can look at your situation.
Answered on Jun 11th, 2012 at 4:35 PM
Divorce Attorney serving Atlanta, GA
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The Martin Law Group, LLC
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Generally, if you are able to afford your monthly mortgage payment, then you will be able to keep your home. If you are behind on your mortgage payments, then you would need sufficient income to pay your mortgage plus an additional amount to be determined by an experienced attorney.
Answered on Jun 08th, 2012 at 3:10 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Generally you can keep your primary residence when filing bankruptcy, however you must continue to keep up with your payments. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
Answered on Jun 08th, 2012 at 2:47 PM
Glen Edward Ashman
Depending on the numbers you might keep or lose your home. The best way to lose it - file pro se. The best way to file in a way to maximize the chance of retaining your home - file with a lawyer.
Answered on Jun 08th, 2012 at 2:37 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Yes if you can make the payments and pay any arrears. You may have to file a chapter 13.
Answered on Jun 08th, 2012 at 1:09 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Yes. You can get rid of any unsecured debt in bankruptcy, and you can likely keep the home (if you don't have too much equity in it) as long as you are current on the house payments.
Answered on Jun 08th, 2012 at 7:51 AM
Most likely, yes. See the exemptions available for equity in real estate at 11 U.S.C. 522(d). As long as you keep up your mortgage payments, you can keep the house.
Answered on Jun 07th, 2012 at 9:25 PM
Bruce Arthur Plesser
It is worth a free call to National Mortgage Litigation.
Answered on Jun 07th, 2012 at 9:22 PM