Can I Keep my Home if I File for Bankruptcy?

bankruptcy- homeIf you have been forced to file bankruptcy, this can raise a variety of concerns in your life. For example, many people wonder if they will be able to keep their homes if they have filed for bankruptcy. If you are in this situation, the answer is that it depends on the situation.

First of all, whether or not you will be able to keep your home depends on whether you filed Chapter 7 or Chapter 13 bankruptcy. Although the government allows you to file bankruptcy under the assumption that you will pay off your debt, the purpose of bankruptcy is to give you a chance at a fresh start. As such, you will be able to keep your home if the value falls below a certain threshold. Generally, exemptions associated with Chapter 7 bankruptcy are lower and more stringent than those with Chapter 13, so you will be more likely to be able to keep your home under Chapter 13 bankruptcy.

However, even if you have filed Chapter 7 bankruptcy, you will be able to keep your home if you have an amount of equity in your home that is under the exemption limit. You will only be in a possible position where you have to sell your home if your equity value is over the limit. Additionally, if you are able to afford your mortgage after filing bankruptcy, you can likely keep your home as long as you are able to keep making payments, especially after you have paid off all of your debt.

If you have questions or concerns about the status of your home after filing for bankruptcy, you should consider contacting a Brighton Beach Bankruptcy Lawyer. The professionals at Ursulova Law will provide you with the best bankruptcy lawyer Brighton Beach has to offer.

Ursulova Law is a great choice for anyone who is looking for a Brighton Beach Bankruptcy Lawyer, and they will be able to provide you with all of the assistance that you need in this situation as well as any bankruptcy issues you face.

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


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