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

In Virginia, you can keep your home when filing for Chapter 7 Bankruptcy in some cases. Generally, if you have equity in your home, you will be able to keep it, as long as you have enough income to pay for ongoing expenses such as home insurance, taxes, and mortgage payments. The court will review your situation and determine if you can keep your home. If you don’t have enough income to keep up with the ongoing expenses associated with your home, the court may allow you to enter into a payment plan with your creditor so that you can keep your home. This would allow you to make monthly payments on the amount you owe, and make it easier to stay in your home. There are also additional considerations when it comes to filing for Chapter 7 Bankruptcy. In Virginia, you may be subject to a lien, which is a type of legal claim creditors can place on your home. In some cases, creditors may be able to force the sale of your home in order to recoup some of the money you owe. Overall, with the right approach, you may be able to keep your home after filing for Chapter 7 Bankruptcy in Virginia. It’s important to discuss your situation with a bankruptcy lawyer before you decide to file, as they can provide you with the best advice for your individual situation.

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