Can I keep my house in a Chapter 11 bankruptcy?

Yes, it is possible to keep your house in a Chapter 11 bankruptcy in Minnesota. A Chapter 11 Bankruptcy is a type of reorganization bankruptcy. Generally, individuals who are struggling with unmanageable debt and are unable to qualify for a Chapter 7 bankruptcy, opt for a Chapter 11. Under this chapter, individuals are able to keep most, if not all, of their assets. If you are a homeowner who is considering filing for Chapter 11 Bankruptcy, you are likely worried about keeping your house. Fortunately, it is possible to keep your house in a Chapter 11 Bankruptcy in Minnesota. In this type of bankruptcy, the debtor is offered a repayment plan, which they use to pay off creditors over a period of time using their disposable income. If you meet the payment requirements, you will be able to keep your home. As long as you are able to keep up with your payments, your house will not be liquidated as part of your bankruptcy settlement. Depending on the type of loan you have, you may be able to reduce your monthly payments or lower your interest rate. However, this is something you will need to discuss with your lender. Filing for bankruptcy is a serious decision, and it is important to seek legal advice before making any final decisions. While a Chapter 11 Bankruptcy is one way to keep your house, it is important to remember that it is not the only option available.

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