Will I Lose My House If I File Bankruptcy?

31 Aug Will I Lose My House If I File Bankruptcy?

Whether or not you will be able to keep a house after filing for bankruptcy will depend on several factors.

Are you current on the mortgage?

If you are current on the mortgage you can continue to pay the secured debt in a Chapter 7 bankruptcy while getting rid of your unsecured debt such as credit card debts?

The specific procedures for keeping a house in a Chapter 7 bankruptcy are addressed in detail by Connecticut Bankruptcy Lawyer Eugene Melchionne.

But what if you are you behind on the mortgage?

There are two basic options.

If you are behind on your mortgage and want to keep your house, then you may want to file for a Chapter 13 bankruptcy.

A Chapter 13 bankruptcy allows you to pay the amount overdue on the mortgage, known as an arrearage, over a period of time, usually 3 to 5 years. For more information on Chapter 13 bankruptcy see Peter Orville’s article about how a Chapter 13 bankruptcy works.

If you are behind on your mortgage and don’t want to keep the house, then you can surrender the house to the creditor in a Chapter 7 bankruptcy.

The decision on whether to keep a house is one that should be made only after consulting with an experienced bankruptcy attorney like the ones found here on the Bankruptcy Law Network.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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