When you file bankruptcy do you still lose your home?

Answer by  Mary (2095)

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.

Answer by  Darry (3853)

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.

Answer by  LadyLawyer (325)

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.

Answer by  tamarawilhite (17883)

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.

Answer by  Roland27 (16334)

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.