Can one go bankrupt and keep the house?

yes, you can keep your house if you file a chapter 13 and include the arrears in the bankruptcy.

We filed a chapter 13 and were able to keep our home. I would check with an attorney on your other questions.....however, if both of your names is on the mortgage payment, you would both be reported to collections if it got to that point.

I am pretty sure that both of you would have to file in the bankruptcy to be protected. Otherwise they could come after whoever didn't file for the arrears, fees, etc but yes the best thing in a case where you are thinking to file bankruptcy is to go in and discuss your situation with an attorney and they can tell you what the best options for you are.

If you are eligible for a chapter 13 they will be able to tell you ...just make sure you have all your bills, collections, and income verification before you go in. Most attorneys have a free consultation too

You can file chapter 7 and keep your home, if you don't have alot of equity in it. We kept our home and vehicle as it had no equity large enough for trustee to take from us. THANK GOD.

It depends on what your state's homestead expemptions are.

Some state's have high exemptions, others very small. So if you are looking to save your house Chapter 13 is usually the best option. In very few cases can you keep a house with a chapter 7.

IF you have no assets or equity in your home at all, then you more than likely will fall under every states home exemption figures. We have 2000.00 equity in our home and vehicle combined, it was not a problem for Chapter 7.

We kept our home in a chapter 7.

ladybug

My dad kept his house and 2 cars and filed chapter 7. He just ( I forgot what it is called) made arrangements with the loan companies. But everything else was wiped out.

I'm thinking that's called 'reaffirming the asset'. Basically assuring the creditor that you aren't gonna make an arrangement with them and then add them to the bankruptcy.

yep that was it Uncle lol. I was having a brain fart lmao :lol:

We didn't have to agree to a reaffirmation agreement which I personally thought that was unusual and that was 4 years ago.

ladybug

i have filed cpt 7 over 10 yrs no i have my home for sale have a contract on it but im going through the short sale process my home is like a car note upside down im late on my morgage it is not in forclosure yet my mortage companies has not accepted or rejected my short sale my buyers or still holding on . I have accruded other probnlems with pdl and a lein on my paid off car i would like to file for chpt 7 and just bee done keep my hse and my car what do you think ?

The laws have changed and gotten much tighter since you both filed . . . .

Know someone that filed Ch 7 and kept their house, but they did the affirmation on the house. The loan company was pretty strict on them and they could not be late at all. They ended up getting their payments dropped by $200 (I think that was the amount) when they did this, but like I said, the laon campany was strict

What about a car? If I filed Chapter 13 or chapter 7 would I be able to keep my car? I am now 3 months behind in the payment and am afraid it is going to get repossessed. (haven't had the money to pay because of payday loan messes)

Have you called and talked to the people who are fianancing the loan to see if there is something they can work out with you? The car thing, I am not sure about, but would take to the fianance company first. You might be able to get a couple of deferments to where you would only have to pay the interest on the payments for those months you are behind. Check and see what they can do for you first, otherwise you might be taking a chance in loosing the car.