Is my home protected when I file bankruptcy?
Vonnie, you can consult with a local bankruptcy attorney to find out what you qualify for, and most will see you free the first consultation. Now, if your mortgage is current, you can do what they call a "re-affirmation agreement, which means you continue to pay the mortgage per the norm, and discharge the other debts in a chapter 7 filing, that's IF you qualify for chapter 7…In a chapter 13, the mortgage can be in arrearage, but, not foreclosed upon, and you run the payments in a payment plan thru the bankruptcy courts, who in turn pay all your secured debts first, un secured last. But, you need to speak with a bankruptcy attorney to tell you what chapter you qualify for first. They will look at your income, debts, assets, and taxes for either the last 3 or 4 years, and then be able to tell you what you qualify for. You can gain additional information on bankruptcy at their official website @ www.usbankrutptcy.gov This is an excellent site that explains what the requirements are for each chapter and how they work. If you have any questions feel free to email me….Good Luck!
