Can I keep my home after filing for Chapter 7 Bankruptcy?

It is possible to keep your home after filing for Chapter 7 Bankruptcy in California. This type of bankruptcy is designed to provide financial relief to individuals who are overwhelmed with debt, while allowing them to retain certain assets. The key factor in whether or not you keep your home is if you can afford the payments. In order to do this, you must first determine the type of loan you have on your home. If you have an FHA, Fannie Mae, or Freddie Mac loan, these organizations may provide assistance in times of financial stress. In California, it is possible to keep your home if you have enough equity in the property to cover the costs of the loan. A Judicial Foreclosure process is typically used to determine this. If the amount of equity in the home is equal to or greater than the loan on the home, then you may be able to keep the home. Another option for those who qualify is to utilize the Homestead Exemption. Under the Homestead Exemption, individuals may be able to protect up to $75000 in equity in their home from creditors. Finally, you may qualify for Chapter 13 Bankruptcy. This form of bankruptcy provides individuals with a repayment plan to restructure their debt, as well as keeps them in their home. Ultimately, there are a variety of ways to keep your home when filing for Chapter 7 Bankruptcy in California. It is important to consider all of your options, and determine which one best fits your financial situation. Speak to an experienced bankruptcy attorney to ensure that you understand all of your rights and options.

Related FAQs

What is a 341 meeting?
How do I know if I should file for Chapter 7 Bankruptcy?
Is credit counseling a requirement for filing for Chapter 7 Bankruptcy?
What happens to my creditors when filing for Chapter 7 Bankruptcy?
How can I rebuild my credit after filing for Chapter 7 Bankruptcy?
What happens to my debts when filing for Chapter 7 Bankruptcy?
Are unsecured debts discharged in Chapter 7 Bankruptcy?
What type of property can I keep after filing for Chapter 7 Bankruptcy?
Must I list all of my assets when filing for Chapter 7 Bankruptcy?
What is the difference between Chapter 7 and Chapter 11 Bankruptcy?

Can I keep my home after filing for Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts