Jan 12, 2019 · If you have sufficient income to keep up with your mortgage, you will not lose your house. Chapter 13 bankruptcy involves a 3 - 5 year repayment plan. Long-term secured debts, like home mortgages, remain in place. Just like after a Chapter 7 filing, you’ll continue to make your regular monthly mortgage payments after filing. In other words… If you’re current with your …
Sep 26, 2017 · Reaffirm, Redeem, Retain and Pay or Surrender Property in Chapter 7 Bankruptcy Submitted by the Bond & Botes Law Offices - Tuesday, September 26, 2017 When someone files chapter 7 bankruptcy and owes money on a secured debt (i.e., car note, furniture loan), they must make a decision by stating their intentions on what they want to do with the ...
In Chapter 7, you must be current on your payment, exempt home equity, and continue paying after bankruptcy. In Chapter 13, you must make your monthly payment, catch up on arrearages, and pay for any nonexempt home equity through the repayment plan.
Dec 19, 2016 · Once the bankruptcy case is closed, the petitioner can sell any remaining assets they still own, including their home. If they still own their home once their bankruptcy case is closed, that means the bankruptcy trustee abandoned the house as an asset of the bankruptcy estate. It is important to point out that selling your home after bankruptcy ...
If you kept your house throughout the bankruptcy process, you are free to keep your home after the bankruptcy – as long as you continue to pay the mortgage. It may be that after you are free of all the rest of your debt you will be able to afford the mortgage payments easily. If so, you'll be able to keep your house.May 19, 2021
(When you do not reaffirm your mortgage in bankruptcy you can continue to live in your home as long as you make your payments. ... But you are no longer personally liable for the debt if you decide to leave.)Jul 26, 2015
However, exempt property in a California bankruptcy is generally described as:Your main vehicle.Your home.Personal everyday items.Retirement accounts, pensions, and 401(k) plans.Burial plots.Federal benefit programs.Health aids.Household goods.More items...
Answer. You'll most likely gain more if you file for bankruptcy before your home is foreclosed. For one thing, you'll prevent the lender from getting a deficiency judgment if one is allowed in your situation. You'll also get to stay in your house longer than if you let the foreclosure happen and later file bankruptcy.
Reaffirming the debt gives it new life -- you're once again legally obligated to pay it. If you don't make the mortgage payments, the lender can foreclose and your bankruptcy won't stop this from happening. You'd also still be liable for any deficiency balance after the property's sale.
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
Generally, the types of assets that you can keep in a bankruptcy include: personal items and clothing....Note amounts will be indexed annually.Household furniture, appliances up to $14,180.Personal clothing of unlimited value.One motor vehicle up to $7,117.Tools of your trade up to $14,405.More items...
If you file (and qualify) for Chapter 7 bankruptcy and your home is exempt, you can continue to make your mortgage payments if you want to keep you...
Chapter 13 bankrupcy does not affect your home mortgage. You continue to make your mortgage payments during and after the bankruptcy.If you are beh...
In some instances, you can modify a mortgage in Chapter 13 bankruptcy so that the new principal equals the actual value of your home. For example,...
You can always try to get the lender to modify your home loan so that the payments are more affordable. To learn more about the new government prog...