How Can I File for Bankruptcy & Keep My Home
If you’re struggling to keep up with your mortgage payments, you may be considering filing for bankruptcy. However, you may be worried about what will happen to your home if you do.
While it’s true that bankruptcy can put your home at risk, there are ways to protect it. If you file for Chapter 7 bankruptcy, you may be able to exempt your home equity from being liquidated. This means that you’ll be able to keep your home as long as you continue making your mortgage payments.
What if I Am Facing Foreclosure?
If you’re facing foreclosure, you may be able to use Chapter 13 bankruptcy to save your home. Under this type of bankruptcy, you’ll create a repayment plan that will allow you to catch up on your missed payments over a three- to five-year period. As long as you make your payments on time, you’ll be able to keep your home.
Bankruptcy can be a difficult decision to make, but it may be the best option for you if you’re struggling to keep up with your mortgage payments. There are ways to protect your home, and an experienced bankruptcy attorney can help you get expert legal support and navigate the process.
It’s no secret that filing for bankruptcy can be a difficult and stressful process. Not only do you have to worry about your financial future, but you also have to deal with the possibility of losing your home.
If you’re facing bankruptcy, you may be wondering if there’s any way to keep your home. The answer is yes, but it will take some work on your part.
Here are a few tips to help you keep your home during bankruptcy:
1. Work with a qualified bankruptcy attorney.
This is one of the most important steps you can take when trying to keep your home during bankruptcy. A qualified attorney will be able to help you understand the bankruptcy process and explain your options for keeping your home.
2. File for Chapter 13 bankruptcy.
If you want to keep your home, you’ll need to file for Chapter 13 bankruptcy instead of Chapter 7. Chapter 13 bankruptcy allows you to reorganize your debts and create a repayment plan that will be overseen by the court.
3. Stay current on your mortgage payments.
If you’re behind on your mortgage payments, now is the time to get caught up. Creditors are more likely to work with you if you’re current on your payments.
4. Propose a plan to creditors.
Once you’ve filed for bankruptcy, you’ll need to submit a repayment plan to your creditors. This plan should include how much you can afford to pay each month and how you’ll repay your debts.
5. Get help from a housing counselor.
If you’re struggling to keep up with your mortgage payments, consider getting help from a housing counselor. A housing counselor can work with you to create a budget and develop a plan to make your mortgage payments more affordable.
Keep in mind that these tips are just meant to be a starting point. Every bankruptcy case is different, so it’s important to work with an experienced bankruptcy attorney to discuss your specific situation.