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Bankruptcy will include all your assets and all your debts. You do not pick and chose what you want out of.

No one will is expected to accept less, until you have surrendered and given up the value of all of what you have. (Minus minor exclusions). The people who have their debt secured get paid by the sale of secured asset, (the house) and if that doesn't generate enough money, than they become an unsecured creditor and collect from the sale of other things.

So while some debts may be released, if you have enough assets to pay them, once liqaudated/re-arranged, then they will get paid instead. And certainly, the costs of having all this done will be on you.

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16y ago
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13y ago

Of course, if you dont make mortgage payments, the lender usually forecloses on the property. You may also try to work out a deed in lieu of foreclosure.

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Q: Can i surrender my house and be released from debt if i file a chapter 7 bankruptcy?
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How soon after Chapter 7 bankruptcy can you have the title to a house or condo given to you?

Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.


Are you obligated to make house payments if you file chapter 7?

Yes. A bankruptcy does not cover Housing so the debt will not be wiped out. Either pay or surrender the property.


You filed bankruptcy and kept your house now you want to give it back?

The question has too little information to answer. How long ago was the bankruptcy filed? Was it a chapter 7 or a chapter 13? If a chapter 7, did you expressly state you were rtetaining the house and going to continue repaying the debt? What bakruptcy Court, since there are differences from state to state and even from court to court within a state? You may not need to relate this to bankruptcy at all, if the mortgagor will accept a deed in lieu of foreclosure (in a 7). If you are in a 13, you may be able to convert to a 7 and surrender the house.


How do you buy a house while in a chapter 13 bankruptcy?

The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.


Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?

No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


Can you claim a chapter 13 bankruptcy if you have any equity in your house?

Yes. That is probably one of the times this would be the correct Chapter to use.


Can you sell your house before the confirmation hearing?

Are you referring to a Chapter 13 bankruptcy confirmation hearing?


Can you file Chapter 7 and keep your house and car?

Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.


Who will sell you a house with a foreclouser on your credit report?

I don't think anyone will be ready for that.So its better that you can take a way or option where you house will be save from foreclosure.Filing bankruptcy is the very right option for this.Once you file chapter 7 bankruptcy or chapter 13 bankruptcy bankruptcy law has a provision called stop foreclosure and it goes in to the effect immediately after you file the bankruptcy.This way you can save you house and other important stuff.


In chapter 7 can you keep the house?

Yes. you can keep the home. Make sure to consult a bankruptcy attorney


We filed chapter 7 bankruptcy. When can the bank take the house?

When you either voluntarily give up the house or you stop making payments (foreclosure).