Will I Lose My Home If I File Bankruptcy?

Not necessarily.

Always speak with a qualified bankruptcy attorney before making any final decision regarding bankruptcy and your home. A thorough evaluation of your situation is required to professional and detailed advice. Since we do not have this information about you we can only offer helpful, but non-legal information.

The first question you need to ask yourself is:

Is there equity in the property?

If there is no equity in the house the trustee in a Chapter 7 will abandon the house to you. This means you should be able to keep it, so long as you pay the mortgages, past due amounts and so on. A general formula to calculate if you have equity in your home goes like this:

The value of your home TODAY - cost of sale - payoff balances on all liens against your home. If the result is 0 or a negative number you have no equity in your home.

A bankruptcy does not relieve the property (your home) of the liability for voluntary liens, like mortgages or deeds of trust, nor for tax liens. So, the lender retains the right to foreclose on you if you don't pay. This means in plain talk, if there are back taxes, liens, or other debts tied to your home, you have to pay them off or your lender, the bank, can still force the sale of your home to cover these debts bottom line: they can foreclosure on your home.

However if you pay everything, everyone is as pleased. Remember there are millions of homeowners in default right now, your the lender doesn't want to own all these properties with no equity in them; it wants you to pay regularly on the loan. Foreclosure is a last resort for the lender to get some of the money back if it concludes it can't get its money any other way.

If there IS equity in your home

If the formula you used above shows a positive number then you have equity in your home. Determine whether the exemptions available to you equal or exceed the equity in the property. If the equity is all exempt, you can keep the house, so long as you pay the mortgages. If the exemption is not sufficient to protect the equity, consider Chapter 13.

What are Exemptions?

This is a bit complicated. In laymens terms each state will have different exemptions - these are items that are not allowed to be considered for sale with your home. An experienced bankruptcy attorney will know the exemption laws in your state. If your exemptions exceed the value of your home, then there is no reason for the creditors to foreclose on it.. they cant get any money out of it.

How can I avoid Filing For Bankruptcy?

If you would rather avoid the stigma, cost and stress of a bankruptcy and a potential foreclosure and but need to eliminate unsecured debts like credit cards, medical bills, loans and more, then you have a legal and effective option.

• Your Debts could be reduced by up to 60%*
• You could reduce your monthly expenses by half
• You don't need a loan, to be a home owner of even have good credit.
• You only need to take a couple minutes to see if your financial situation qualifies. Which is FREE.

By making a request on our site you will get a free FULL consultation from a professional debt relief provider who will answer all your questions, provide details on their program, determine if your situation is right for debt negotiation and most importantly estimate how much your debt can be reduced by. You will get any and all costs associated with their service free and UP FRONT before you make any decision. It only takes a few minutes to generate your quote, but you may spend as much time as you wish getting your questions answered.

If at the end of this consultation you are comfortable with the service and debt reduction amount you can start right away. If you feel this is not the right solution for you, you have absolutely no obligation or cost. Simply thank your counselor and say goodbye.

It's that simple to find out if you can avoid bankruptcy and reduce your debts.
Start now with our easy 2 step consultation process below:

	- Debts you wish to reduce Credit Card Debt Please select one None $3,501 - $4,000 $4,001 - $4,500 $4,501 - $5,000 $5,001 - $6,000 $6001 - $7,000 $7,001 - $8,000 $8,001 - $9,000 $9,001 - $10,000 $10,001-$12,500 $12,501 - $15,000 $15,001 - $17,500 $17,501 - $20,000 $20,001 - $22,500 $22,501 - $25,000 $25,001 - $27,500 $27,501 - $30,000 $30,001 - $32,500 $32,501 - $35,000 $35,001 - $37,500 $37,501 - $40,000 $40,001 - $42,500 $42,501 - $45,000 $45,001 - $47,500 $47,501 - $50,000 $50,001 - $52,500 $52,501- -$55,000 $55,001 - $57,500 $57,501 - $60,000 $60,001 - $62,500 $62,501 - $65,000 $65,001 - $67,500 $67,501 - $70,000 $70,001 - $72,500 $72,501 - $75,000 $75,001 - $77,500 $77,501 - $80,000 $80,001 - $82,500 $82,501 - $85,000 $85,001 - $87,500 $87,501 - $90,000 $90,001 - $92,500 $92,501 - $95,000 $95,001 - $97,500 $97,501 - $100,000 $100k - $150k + Other Unsecured Debt Please select one None $500 - $1,000 $1,001 - $1,500 $1,501 - $2,000 $2,001 - $2,500 $2,501 - $3,000 $3,001 - $3,500 $3,501 - $4,000 $4,001 - $4,500 $4,501 - $5,000 $5,001 - $6,000 $6001 - $7,000 $7,001 - $8,000 $8,001 - $9,000 $9,001 - $10,000 $10,001-$12,500 $12,501 - $15,000 $15,001 - $17,500 $17,501 - $20,000 $20,001 - $22,500 $22,501 - $25,000 $25,001 - $27,500 $27,501 - $30,000 $30,001 - $32,500 $32,501 - $35,000 $35,001 - $37,500 $37,501 - $40,000 $40,001 - $42,500 $42,501 - $45,000 $45,001 - $47,500 $47,501 - $50,000 $50,001 - $52,500 $52,501- -$55,000 $55,001 - $57,500 $57,501 - $60,000 $60,001 - $62,500 $62,501 - $65,000 $65,001 - $67,500 $67,501 - $70,000 $70,001 - $72,500 $72,501 - $75,000 $75,001 - $77,500 $77,501 - $80,000 $80,001 - $82,500 $82,501 - $85,000 $85,001 - $87,500 $87,501 - $90,000 $90,001 - $92,500 $92,501 - $95,000 $95,001 - $97,500 $97,501 - $100,000 $100k - $150k+ Secured Debts Please select one None $501 - $1,000 $1,001 - $1,500 $1,501 - $2,000 $2,001 - $2,500 $2,501 - $3,000 $3,001 - $3,500 $3,501 - $4,000 $4,001 - $4,500 $4,501 - $5,000 $5,001 - $6,000 $6001 - $7,000 $7,001 - $8,000 $8,001 - $9,000 $9,001 - $10,000 $10,001-$12,500 $12,501 - $15,000 $15,001 - $17,500 $17,501 - $20,000 $20,001 - $22,500 $22,501 - $25,000 $25,001 - $27,500 $27,501 - $30,000 $30,001 - $32,500 $32,501 - $35,000 $35,001 - $37,500 $37,501 - $40,000 $40,001 - $42,500 $42,501 - $45,000 $45,001 - $47,500 $47,501 - $50,000 $50,001 - $52,500 $52,501- -$55,000 $55,001 - $57,500 $57,501 - $60,000 $60,001 - $62,500 $62,501 - $65,000 $65,001 - $67,500 $67,501 - $70,000 $70,001 - $72,500 $72,501 - $75,000 $75,001 - $77,500 $77,501 - $80,000 $80,001 - $82,500 $82,501 - $85,000 $85,001 - $87,500 $87,501 - $90,000 $90,001 - $92,500 $92,501 - $95,000 $95,001 - $97,500 $97,501 - $100,000 $100k - $150k+ # of credit cards No Cards 1 2 3 4 5 6 7 8 9 10 Free Service to Help You Assess Your Options!

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