In the State of Illinois, you can keep your home while filing a Chapter 7 if it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions and continue to be current on your monthly mortgage payments.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.
yes
Yes, as long as you keep making the payments.
Yes. you can keep the home. Make sure to consult a bankruptcy attorney
sometimes but barley ever
yes in texas and south carolina
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
Many states have passed laws that protect the primary residence only. You need to consult with an attorney who specializes in bankruptcy.
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.