Will I lose my home? | Local Bankruptcy Attorneys

Overextended? You’re Not Alone
If you’re like many Americans right now, you’re struggling just to make day-to-day ends meet. You may be thinking you’ll never get current on your debts, let alone pay them off.
We want to help. From here, you can get answers to frequently asked questions about bankruptcy, review other debt-relief options, check out helpful online resources, or join a live chat group. In the end, it’s best to consult a bankruptcy attorney in your area to find out which debt-relief option is best for you. We’ll help you get a FREE 30-Minute Consultation.

Bankruptcy Is the Answer for Many
The last resort You can’t make your mortgage payment. Or you’ve lost your job and are faced with a mountain of credit card debt. Either way, you’re a casualty in the nation’s economic avalanche and you find yourself contemplating the last resort — bankruptcy. Bankruptcy is a choice more and more Americans are willing to [...]

Keep Your Home
The risk of losing a home prompts a lot of people to seek help from an attorney. Most people who file Chapter 7 or Chapter 13 bankruptcies are able to save their homes and cars from foreclosure or repossession, but there are many factors to consider.
Learn more about your rights and options in a FREE 30-Minute Consultation with an experienced and local bankruptcy attorney.

Bailing Out on Bankruptcy
Bailout vs bankruptcy Recent government bailouts of private businesses have generated debate about whether the time-honored institution of bankruptcy is the appropriate mechanism for dealing with big business insolvency. Naysayers of the TARP bailouts contend that rescued businesses are candidates for bankruptcy and that bolstering them with public funds not only fails to address underlying [...]

Put an End to Creditor Harassment
Being harassed by creditors and their collection agencies is one of the worst things about having financial problems.
They call constantly. They bother you at work. They call your boss. They knock on your door. They call your friends. Faced with insurmountable debt, you may feel there’s nothing you can do to stop them. But you have legal rights and remedies.
To learn more, use your FREE 30-Minute Consultation.

Celebrity Bankruptcies
Bankruptcy for the rich and famous? You bet. Here are a few celebrity bankruptcies noted today in Parade Magazine: Mike Tyson The former world heavyweight once had an estimated worth of $300 million. But with an incredibly lavish lifestyle — including pet tigers, a custom-built Bentley, and a removable glass roof on his mansion — [...]

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Will I lose my home?

Bankruptcy debtors are often able to keep their primary residences. If you file under Chapter 7 and you have no equity in the property, or if your equity does not exceed an exempt amount which varies from state to state, you may be able to keep your home provided that you are current on your payments. During and after the bankruptcy, you must continue to stay current on your house payments (including mortgages, similar voluntary liens, and taxes). Secured lenders will still have the right to foreclose if you default on payments.

If you have equity in your home in excess of the exempt amount, or if you are behind on your mortgage payments, you may be able to save your home from foreclosure by filing under Chapter 13. When you are behind on your mortgage payments, a Chapter 13 filing can prevent or stop a foreclosure and give you the opportunity to bring your arrearages current over time. You must continue to make current mortgage payments at the same time, however, which can be difficult. Filing under Chapter 13 sometimes has the added benefit of allowing you to eliminate some limited types of liens against your home (not including voluntary liens secured only by the home), to the extent that they exceed the value of the property.

A related question about keeping your home in bankruptcy is whether it makes sense to do so. Today more than ever, bankruptcy debtors are faced with home loans that exceed the value of the property and mortgage payments that exceed the cost of renting a comparable home. Bankruptcy is complicated and your house is probably your most important asset. It is extremely important to get good legal advice before you decide whether to keep it.