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When you file bankruptcy do you still lose your home?

I am thinking of filling bankruptcy and do not want to lose my home.

asked by RyHeab (53)

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Tags:  debt  legal

answers

Your equity in your home is most likely protected, but if you have a mortgage on your house you would need to negotiate with the bank to reaffirm the mortgage.

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posted by Mary (1156)
6 votes

Most likely you will. If you have children of age or a trusted friend sell them the house for a small amount then file, you won't lose it this way.

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posted by Darry (2418)
6 votes

You will only lose your home if you can't afford your home. That sounds strange but it really can't be answered without going to an attorney.

5 votes

You can include the house mortgage in the bankruptcy filing. If you are on a payment plan in bankruptcy, then the house mortgage can be included in that payment plan, letting you continue to stay there. If the bankruptcy is a total liquidation of all assets, you will lose it.

4 votes

There is a way you can keep your home. When you file bankruptcy you are going to have to sell off some of your more expensive belongings. If you file chapter 13 you are able to restructure your debt and may be able to keep your home.

3 votes

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