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First off...BK is a Federal matter...while some States have some rules that you may elect to have apply in the Federal District courts of that region, they are fairly minor and are really to make definitions used locally adhere to the process. It is possible to keep a home...of course not without paying the mortgage, having it up to date, and really not having much equity in the property. Basically, not enough there for creditors to care about, and no reason for the lender to really be on the hook. (And of course, if you don't pay others, or borrow and use ti, to pay your mortgage, that probably won't pass muster as being preferential payments). Clearly, it would be unfair to not pay others what you owe and have the debt discharged in BK, while keeping a valuable property. Obviously, you should speak to a professional about your specific situation.

And nonprofessionals should not answer questions they know nothing about. Bankruptcy is a federal procedure in a federal court, but some states have limited their residents to using state exemptions, so the answer to you question depends on VA law. Most states have opted out of the federal exemptions and a few allow debtors to choose either state or federal exemptions. The main issue is the amount of equity in the house (the value of the house at current market rates less the amount of the mortgage(s)), A lot of people have no equity these days, so you may have no problem. You will have to reaffirm the mortgage debt and you may be able to strip off any second mortgage or home equity balance. Consult an experienced bankruptcy lawyer in your area.

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16y ago

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Related Questions

Can you keep your home if you file chapter 13 bankruptcy?

yes


If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?

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.


Can a person keep and file bankruptcy if the home is under any mortgage?

Yes he can file for Bankruptcy if he wants to depending on the situation of his property.


Can you keep your home in a bankruptcy in NC?

It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.


Can you keep your home if you file a chapter 13 bankruptcy?

Yes, as long as you keep making the payments.


Can a person file for bankruptcy and still keep their home?

sometimes but barley ever


Can you file bankruptcy and keep your home to rent it?

yes in texas and south carolina


Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?

yes


Can you keep your home if you file bankruptcy on a second mortgage?

You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idiot on here.


Can I file bankruptcy and keep my home?

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


If you file bankruptcy in one state and own a home in another state may you keep it?

Bankruptcy is filed in "Federal Court". It doesn't make any difference where your assets are. The only time you can hold out is if your assets are outside the U.S. and the bankruptcy court doesn't know about them.


Can you keep your free and clear home if you file chapter 7?

Probably not, but it depends on the value of the home and the exemptions available to cover that value.Consult a local bankruptcy lawyer.

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