Can I keep my home when filing for bankruptcy?

Yes, it is possible to keep your home when filing for bankruptcy in California. Depending on the amount of equity you have in your home, you may be able to keep it. California has two main forms of bankruptcy that apply to individuals and one of them is Chapter 7. Chapter 7 allows you to keep certain assets, such as your home, while discharging your other debts. However, you must meet certain criteria in order to be eligible. If you have equity in your home that is not exempt from bankruptcy, a trustee may be able to seize it to pay off your debt. Some of the factors that a trustee will consider when determining whether you can keep your home are your income, the amount of equity in the home, and any local exemption laws. If you do not have enough income to make the payments, the trustee may require you to surrender the home. In addition, you may also be eligible to keep your home in a Chapter 13 bankruptcy if you have enough income to make the payments. In this type of bankruptcy, you will be required to enter into a repayment plan for the repayment of your debts. As long as you make your payments on time and stay current on your mortgage, you will be able to keep your home. The decision to keep your home is one that should not be taken lightly. It is important to speak with a qualified bankruptcy attorney in order to understand your options and make the best decision for your situation.

Related FAQs

How long does the bankruptcy process take?
How will filing for bankruptcy affect my spouse?
How do I know if I qualify for a Chapter 13 bankruptcy?
What are the consequences of filing for bankruptcy?
How long will a bankruptcy stay on my credit report?
What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
Are there any special provisions for filing for bankruptcy as a business?
How can I find a qualified bankruptcy attorney?
Which debts cannot be discharged in bankruptcy?
Will bankruptcy stop wage garnishment?

Can I keep my home when filing for bankruptcy?

Related FAQs

Related Blog Posts