Debt and Bankruptcy
Bankruptcy Law
Foreclosure

Will you lose your house if you file for bankruptcy?

262728

Top Answer
User Avatar
Wiki User
2008-09-04 11:34:03
2008-09-04 11:34:03

Bankruptcy filings are different for each individual, so a specific answer is not possible. In an average bankruptcy filing the person keeps the home and at least one vehicle, and generally all personal and household items. The reason is the average consumer can protect the majority if not all of their property by using the allowable exemptions wisely. The main factor is whether the filer is able to use the federal, state or a combination of bankruptcy exemptions. When new BK reform becomes law in October, 2005, it will be extremely difficult to file any type of personal bankruptcy other than a Chapter 13. It is advisable to discuss your personal situation with a qualified bankruptcy attorney, most will offer free or minimal fee consultations. In the event of your bankruptcy, any interest you have in your house will automatically fall into the bankruptcy. However, if there is very little or no equity in the property it is unlikely that you will lose your home. The Official Receiver will usually try and reach an agreement whereby the interest in the property is transferred to your spouse or a third party for the cost of the legal fees. More information is available on the Insolvency Service website.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Need to know type of Bankruptcy 7, 13, 11 ??

User Avatar

yes, just keep your house exempt from the bankruptcy

User Avatar

can you file for a bankruptcy on your house even if you owe back property taxes

User Avatar

You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.

User Avatar

Depends on the value of the house and any mortgage. If its free and clear, and you have already used your home exemption, then you could possibly lose the house to the BK trustee.

User Avatar

can file bankrupcy if i lose my car

User Avatar

Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.

User Avatar

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.

User Avatar

You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.

User Avatar

It depends. If you declare bankruptcy on another house while you are living in your formal house, no you don't lose your formal house. If you declare bankruptcy on your formal house, you get your house foreclosed, or taken away by the bank. ----

User Avatar

No you can not file bankruptcy on anything that is court ordered.CAN YOU FILE BANKRUPTCY ON RESTITUTION?

User Avatar

When you file for bankrupt, you can wait for 2 years before u can buy a house.

User Avatar

A worker's comp settlement is exempt from bankruptcy in PA. When you file for bankruptcy, you will lose anything that you owe money on.

User Avatar

You have to, it is a debt...it is just a secured debt...by the lien on the property.

User Avatar

Bankruptcy is governed by federal law and must be filed in a United States Bankruptcy Court. While individuals may file without an attorney, corporations and partnerships mustbe represented by an attorney. You need to consult with and hire an attorney who specializes in bankruptcy and who has a good reputation.

User Avatar

You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter 13 to get caught up on the secured debt arrears.

User Avatar

No they never did file for bankruptcy

User Avatar

can you file bankruptcy utah unenploment

User Avatar

You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.

User Avatar

If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.

User Avatar

yes another answer: you can't lose your primary residence; also - homestead it.

User Avatar

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.

User Avatar

You do not have to be unemployed to file bankruptcy.

User Avatar

No, there's no law that states you have to file bankruptcy.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.