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What happens to your home when you file for bankruptcy?

On Behalf of | 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.

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