Can you keep your home and include it in a chapter 7 bankruptcy?

Answer 1

Yes, however most homes will be protected by the state or federal homestead exemption. It is important to ascertain if the homestead exemption for the resident state is automatically granted under the state laws or must be filed by the home owner. The amount of the homestead exemption is also of importance when deciding whether to file a chapter 7 or 13. When petitioning for your own bankruptcy it is essential that you disclose all your assets and liabilities, including your house if you own it.

Answer 2

when you declare bankrupcy all your assets are frozen until all your creditors are paid if the bank has a hold on your house then they will attempt to take it ,but a good lawyer could help you through it. If your asking can I keep my house without paying for it...the absolute always true anser is NO!

Answer 3

Lets start with a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own.

Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets.

But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets!

Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.

Answer 4

Lets start with - a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own. It is not limited to some aspect - like medical debts or credit cards of your life.

Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be able to be cleared (like child support, student loans). A secured debt, that is one that has a right to a certain asset (like your mortgage on the house), has first call on the funds from the sale of that asset....and if that isn't enough, any additional amounts due that lender can be claimed as unsecured debts owed, and provided by other assets.

But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets! YOU MUST INCLUDE EVERYTHING...no the law won't help you to keep what you want and not pay what you don't want...

Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.

Answer 5

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.

Answer 6

Yes. Any lien will still be valid, and if you don't pay it, you'll lose the home.

Answer 7

You MUST include everything you owe AND everything you own. No choice or picking and choosing.

Answer 8

Yes.