If you declare bankruptcy, will you lose your home if you own it?

Question

If you can still afford your home after eliminated credit debit, will you be allowed to keep your home?

Answer 1

you loose it

Answer 2

Yes, as well as your car, clothes, furniture etc. retirement account etc. The only thing they are interested in is money in the bank, stocks, bond and other liquid assets.  And even that may be ok if it is only a tiny fraction of what is owed.  i.e. you owe $50,000 and have $500 in the bank.  They probably won't want to mess with how to divide that small amount up between your creditors.

Answer 3

My understanding is that you can pick which debts you are filing.  My sister filed bankruptcy several years ago and didn't lose her house.  Talk to a bankruptcy lawyer to find out for sure.  It might depend on which chapter you file.

Answer 4

Contact a qualfied bankruptcy attorney in you area, most will see you on a free first consultation. They will look at your pay stubs for the last six months, debt, assets, and last 4 years of taxes....Once they review all of this information...you will know what you qualify and if you can keep the home. It will depend on what amount the house is worth, versus debt, and what chapter you can file. Good Luck!