Can I still keep my house if I claim bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I still keep my house if I claim bankruptcy?

I am upside down on my home by 150,000. My husband has been unemployment for 9 months because he is in the construction industry, and I am barely making ends meet as a secretary. Will I be able to keep our home if I claim bankruptcy and try to eliminate credit debt?

Answer By Larry Webb
Law Office of Larry Webb
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Bankruptcy does not discharge the secured debt. If you can afford the payments after you remove your unsecured debts you will keep the house.

Answer Applies to: California
Replied: 4/29/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Yes, you can keep the home as long as you can make payments on it. If eliminating the credit card debt allows you to do that, go for it.

Answer Applies to: California
Replied: 4/27/2011

Burnham & Associates
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If you can stay current on your Mortgage payment then you should be able to keep your house if you file Bankruptcy.

Answer Applies to: New Hampshire
Replied: 4/27/2011

Law Office of Brian A. Kretsch, A.P.C.
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Assuming that you are in California and that you can keep your mortgage payments current, you can keep your home. California/bankruptcy exemptions allow you to keep a home with up to $100,000 ($175,000 if you are over 65 or disabled and live in it)in equity if you are married and live in it. Since the home has no equity, you are well within the maximum equity limits.

Answer Applies to: California
Replied: 4/27/2011

Uriarte & Wood, Attorneys at Law
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Answer: if you are current and continue making payments, you will be able to keep the house in a chapter 7, while discharging the unsecured credit card debt.

Answer Applies to: California
Replied: 4/27/2011

Answer By David Benson
Benson Law Firm
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The answer to this question depends a lot on your numbers. It sounds like you will qualify for a Chapter 7 and probably will be unable to put together a feasible plan under Chapter 13. In such a case, you may want to discharge all your unsecured debt in bankruptcy first and then see if something can't be worked out with the loss mitigation department. I always encourage my clients to work with a HUD-certified agency when seeking a loan modification. If you can't get a proposal from the lender and they file a foreclosure action, don't give up hope. In our jurisdiction, you can request mediation to pull the case off the foreclosure track and attempt again to find a solution to keeping your house. Good luck!

Answer Applies to: Ohio
Replied: 4/27/2011

Answer By Benjamin Tiller
The Law Offices of Benjamin C. Tiller, Esq.
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As long as you keep current on your mortgage payments, you will be able to keep your home. If you are behind, you could file a chapter 13 to get caught up, and still eliminate most, if not all, of your credit card debt. If there is a second mortgage, and the home is worth less than the amount owed on the first mortgage, you might be able to eliminate the second mortgage altogether. Visit my website for more information.

Answer Applies to: Montana
Replied: 4/27/2011

Answer By Robert Weed
Bankruptcy Law Office of Robert Weed
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The bankruptcy court won't want your house. You can keep it if you can make the house payment.

Answer Applies to: Virginia
Replied: 4/27/2011

Carballo Law Offices
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You must be able to afford the payments on the house in order to keep it long term. Bankruptcy will probably get rid of your credit card debt and other unsecured debt but will not change your home loan because it is a secured debt that must be paid according to the mortgage. You can apply for a loan modification so that you can afford the house payments. So long as you make your payments you will keep the house. The bank is the only one that can take the house by foreclosing on the mortgage if you do not make the house payments. The bankruptcy court will give the bank permission to foreclose if you do not pay the house payments. The bankruptcy trustee is only interested in taking property from you that he/she can sell to pay your unsecured debt. You have no equity in your house so the bankruptcy trustee is definitely not interested in it.

Answer Applies to: California
Replied: 4/26/2011

Ferguson & Ferguson
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It depends how far behind you are on mortgage and if you can make payments. If you can't make the payment you can't keep house.

Answer Applies to: Alabama
Replied: 4/26/2011

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