What bankruptcy chapter should I file to protect my home? - Bankruptcy Law Questions and Answers- LawQA.com

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What bankruptcy chapter should I file to protect my home?

I need to file for bankruptcy, but I am worried that I will lose my property. I have a big family that depends on my financial support and shelter. What are the steps I should take to keep my house? What are my chances of losing my home?

Answer By Kevin Heupel
Heupel Law
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You would want to file Chapter 13 in order to save a home from foreclosure. It is a complicated process and the chances of you losing the home depends on your income, the mortgage arrearages, and other debts and assets that you may have. Please our office for a free consultation and we can provide you with better advice.

Answer Applies to: Colorado
Replied: 8/10/2011

Mercado & Hartung, PLLC
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you need to consult a Bankruptcy attorney about which Chapter is better for you to file

Answer Applies to: Washington
Replied: 8/10/2011

Answer By Mark Alonso
Financial Relief Law Center
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If you are employed, and have the ability to afford payments into a chapter 13 bankruptcy, then you may want to consider filing this chapter. It will allow you to put your past due mortgage payments into a 5 years plan, which will allow you to bring yourself current on the mortgage payments, and prevent losing your property. This is only a good move for someone who can afford their monthly mortgage payment, but just fell behind temporarily, and can continue to make payments going forward. Unless you are unemployed or don't have ability to afford the payments as well as minimal standard of living, you should be able to file this chapter. I would recommend speaking with an experienced attorney to determine what your options are and if there are any other options for you to consider, such as loan workout or loan modification. It may be possible to file for chapter 13 bankruptcy and at the same time try for a loan modification.

Answer Applies to: California
Replied: 8/1/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Go see a lawyer, there are not enough facts here to give you any kind of answer. Bankruptcy offers lots of possible solutions.

Answer Applies to: California
Replied: 7/31/2011

Answer By Eric Benzer
Eric J. Benzer, Attorney at Law
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Call attorney

Answer Applies to: Maryland
Replied: 7/29/2011

Judith A. Runyon, Esq. Attorney at Law
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Ch. 13

Answer Applies to: California
Replied: 7/29/2011

Law Office of Felipe A. Malo, P.A.
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The only way to save your home in either chapter 7 or chapter 13 is to be up to date with your payments. If you are not up to date with payments foreclosure can still occur.

Answer Applies to: Florida
Replied: 7/29/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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Applies to Bankruptcy Colorado only: Keeping your homestead in bankruptcy largely depends on two factors: 1) whether or not you are current on your monthly payments and 2) how much equity you have in your homestead. The Colorado homestead exemption (assuming you can use Colorado exemptions) provides for a $60,000 homestead exemption ($90,000 for elderly or disabled debtors). If you are current on your payments and your equity in your homestead is below that provided for by Colorado exemption law (assuming you do not have any other chapter 7 qualification problem), then you would probably file a chapter 7 bankruptcy. If you are behind in your payments or have equity in excess of exemption limits, you are leaning toward filing a chapter 13 Bankruptcy.

Answer Applies to: Colorado
Replied: 7/29/2011


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If you have equity in your home above what you owe to whatever lenders may have mortgages against the home plus your homestead exemption ($40,000 for a married couple and $20,000 for an individual in Utah) the home might be at risk of being sold by the trustee in Chapter 7. I say "might" because it all depends on how much the equity is. If you can't continue making the payments on the house, you will probably lose it to the mortgage company regardless of which chapter you file. If you can make the payments and have equity, Chapter 13 is probably best.

Answer Applies to: Utah
Replied: 7/29/2011

Property and Estate Law, PLC
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If your home owes more than what is worth then there is no issue in regards of the bankruptcy court interested in selling your house. A bankruptcy can help save your house by reducing the debt to income ratio and making you more attractive for a loan modification, by cancelling an imminent foreclosure and giving you some more time to negotiate some other alternative or by eliminating second lien holders on the home and freeing monthly cash flow to pay for the principal mortgage, among many other reasons. However, bankruptcy is not the only solution. Consult an attorney as soon as possible to evaluate how some solutions help while others hurt.

Answer Applies to: Virginia
Replied: 7/29/2011

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