Wednesday, September 20, 2017

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Can I File Chapter 7 and Keep My Home?

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Category: Faqs

Yes. If you are current on your mortgage payments and your home is not worth considerably more than what you owe on your mortgage, you can normally file a Chapter 7 Bankruptcy and keep your home. If you have over the amount of equity in your home that the law allows you to keep or are behind in your mortgage payments, filing a Chapter 7 may jeopardize your home ownership. If you are behind on your mortgage, you may be able keep your home by filing a Chapter 13 Bankruptcy, which allows you to resume monthly mortgage payments and pay the missed payments over time.

Equity - the value of property over any indebtedness secured by that property.  

Value - what a reasonable person would pay for a property.