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  5. What happens to your home when you file for bankruptcy?

What happens to your home when you file for bankruptcy?

On Behalf of Ed Shaw Law | May 7, 2022 | Bankruptcy |

Declaring bankruptcy is a difficult decision. Under certain circumstances, though, it is the wisest option.

If you are declaring bankruptcy, you might have questions about what happens to your home. The type of bankruptcy you choose affects the odds of living further in your current abode.

Your home and Chapter 7

Under this filing, there is the possibility you will have to give up your property. The good news is the chances of this happening are slim.

You should be able to keep your house by claiming an exemption. Qualifying for one depends, in part, on what you own. If you do qualify, you will have to follow rules according to the state in which you are living.

Other factors make it more likely you will keep your home. For instance, being up-to-date on your mortgage works in your favor. Also, it is wise to negotiate a loan modification ahead of filing for bankruptcy.

Your home and Chapter 13

When choosing this path, you keep your property. Instead, you will suffer the burden of a repayment plan lasting between three and five years. Once you fulfill this agreement, you no longer have to pay down your unsecured debt. Unfortunately, you will also still have to make current mortgage payments on top of this. Many are unable to complete this arrangement.

Filing for bankruptcy puts ownership of your home in jeopardy. The type of bankruptcy you pursue can determine what happens next. The right decision will help you maintain control of your most important asset.

What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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Home For The Holidays

by Edward Shaw | Nov 27, 2024 | Firm News

It happens every year in the family court business, separated parents fighting over where the kids will be for the holidays.  The holiday season has its challenges to begin with, the stress or organizing get togethers, figuring out where people will be, traveling with...

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THE WHEELS OF JUSTICE GRIND SLOWLY

by Edward Shaw | Nov 1, 2024 | General Law

I watch very little TV, but the shows that I have seen about the legal system vary in how accurate they are, some are almost completely fantasy, others were clearly put together by people who have worked in the legal system and are pretty accurate. Almost all of the...

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  • What is the difference between legal and physical custody?
  • JAIL PHONES
  • EXPERT WITNESSES
  • Contracts for Deed
  • WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

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