My husband and I were planning to file Chapter 13 bankruptcy (we are seeing lawyer tomorrow) and I just found out that we should qualify for Chapter 7 too. We own a home, but only have 10k in equity in it. This wouldn't even begin to touch our 43k unsecured debt. I've heard that not eveyone loses their homes in Chapter 7. Does anyone know if this is true?
If you want to keep anything with a secured loan in Chapter 7, you have to reaffirm the loan during the bankruptcy (which means you agree to pay that debt).
