Whether or not you can keep your home in bankruptcy depends on a few factors, including the type of bankruptcy you file and the value of your home. Here are some general guidelines:
- Chapter 7 bankruptcy: If you file for Chapter 7 bankruptcy, your home may be at risk of being sold to pay off your creditors. However, if the value of your home is less than the amount of your mortgage and you are current on your mortgage payments, you may be able to keep your home.
- Chapter 13 bankruptcy: If you file for Chapter 13 bankruptcy, you may be able to keep your home as long as you are able to make your mortgage payments and meet the terms of your repayment plan.
- Homestead exemption: In some states, including Florida, you may be able to protect your home from being sold to pay off your debts through a homestead exemption. The homestead exemption is a legal protection that allows you to keep your primary residence, up to a certain value, even if you file for bankruptcy.
It is important to note that these are general guidelines and the specifics of your situation may be different. It is always a good idea to consult with a bankruptcy lawyer to understand your options and the potential impact of bankruptcy on your home.
Using Chapter 7 in Keeping Your House
Chapter 7 bankruptcy is a type of bankruptcy that allows an individual to discharge their debts, with some exceptions. If you are hoping to keep your house after filing for Chapter 7 bankruptcy, it is possible, but it depends on your specific situation. In general, whether or not you will be able to keep your house will depend on your equity in the property, the value of the house, and your ability to continue making mortgage payments. It is also important to note that even if you are able to keep your house, you may still be required to pay off some of your debts, such as back taxes or student loans, which are not dischargeable in Chapter 7 bankruptcy.
If you are considering filing for Chapter 7 bankruptcy in Brandon, Florida, it may be helpful to have a lawyer to guide you through the process. A bankruptcy lawyer in Brandon, Florida can help you understand your rights and options, and can represent you in court. They can also help you understand the homestead exemption and how it may apply to your situation. Having a lawyer can make the bankruptcy process less overwhelming and can increase your chances of a successful outcome.
Using Chapter 13 in Keeping Your House
Chapter 13 bankruptcy is a type of bankruptcy that allows individuals to reorganize their debts and create a repayment plan to pay off a portion of their debts over a period of three to five years, while still being able to keep their assets, including their house. If you are hoping to keep your house after filing for Chapter 13 bankruptcy, it is generally possible as long as you are able to make your monthly mortgage payments and follow the terms of your repayment plan.
To be eligible for Chapter 13 bankruptcy, you must have a regular income and your unsecured debts must be less than $394,725, while secured debts must be less than $1,184,200. If your debts are above these amounts, you may not be eligible for Chapter 13 bankruptcy. Even if you are able to keep your house in Chapter 13 bankruptcy, you may still be required to pay off some of your debts, such as back taxes or student loans, which are not dischargeable in Chapter 13 bankruptcy.
If you are considering filing for Chapter 13 bankruptcy, it can be helpful to have a lawyer on your side to guide you through the process. A bankruptcy lawyer can help you understand your rights and options, and can represent you in court. They can also help you understand the homestead exemption and how it may apply to your situation. Having a lawyer can make the bankruptcy process less overwhelming and can increase your chances of a successful outcome.
Homestead Exemption and Keeping Your House
The homestead exemption is a legal protection that allows homeowners to protect the value of their home from creditors, up to a certain amount. Whether or not you will be able to keep your house with the homestead exemption depends on your specific situation. If the value of your home is less than the amount of the homestead exemption, you should be able to keep your house, even if you have debts or financial problems. However, if the value of your home is greater than the amount of the homestead exemption, you may be at risk of losing your home to creditors, depending on the specific circumstances.
It is important to note that the homestead exemption does not protect your home from all types of creditors. For example, the homestead exemption may not protect your home from a mortgage lender if you default on your mortgage payments. Additionally, the homestead exemption does not protect your home from tax liens or other government claims.
If you are concerned about keeping your house with the homestead exemption, it can be helpful to have a lawyer on your side. A bankruptcy lawyer can help you understand the specific rules and exemptions for the homestead exemption in your state, and can advise you on the best course of action to protect your home.
Keep Your House with the Right Bankruptcy For Your Case Today!
If you are struggling to keep your house during bankruptcy, you don’t have to face it alone. Our team of experienced bankruptcy lawyers can help you understand your options and guide you through the process, so you can make the best decision for your situation. We will work with you to understand your financial situation and help you choose between Chapter 7 and Chapter 13 bankruptcy. We will also help you understand the homestead exemption and how it may impact your ability to keep your house. Don’t let debt jeopardize your home – contact us today and take the first step towards financial freedom.
