Will I Get to Keep My Home if I File Bankruptcy?

Keeping my homeKeeping a home when filing bankruptcy is often a primary reason for bankruptcy protection when other debts are making it difficult to maintain the home mortgage. Home owners who are still current on their homes can often keep the dwelling and discharge other debts in the process when conditions are right. In addition to having a home mortgage in delinquency, problems can include the amount of equity in the home and whether the ownership is assigned to multiple parties. This includes a married couple. Some individuals file a personal Chapter 7 bankruptcy and can still keep the home. But, there are specific rules that apply when wanting to file bankruptcy, and the process can be complicated. That is why it is always advisable to retain an experienced Brooklyn bankruptcy lawyer like the legal professionals at Ursulova Law Offices for a successful outcome.

Means Testing in New York

Bankruptcy petitioners whose income is above the state median will only be allowed a Chapter 13 filing. This typically is a 5-7 year repayment program that must include evidence that the petitioner can stay current throughout the duration of the plan. This petition can help eliminate discharged debt and allow for a more stable household financial budget. The median income in New York is currently approximately $47,000 on a single-member household and $59,000 for a two-member household.

Chapter 7 Bankruptcy

Those who can qualify for a Chapter 7 bankruptcy can often keep their home when the mortgage is not delinquent or the mortgage can be reorganized to fit the household budget. Another issue could also be equity in the home in comparison to the amount of unsecured debt being discharged with the filing, and a bankruptcy judge will be determining what personal assets must be sold in a Chapter 7 filing to pay listed creditors. Being prepared for this event is important, and an experienced bankruptcy attorney can help ensure minimal loss of personal property.

Contact Ursulova Law Offices Brooklyn Bankruptcy Lawyer

It is never a sound decision to file a bankruptcy petition without legal counsel because surprises can happen. Always call Ursulova Law for effective and comprehensive representation.

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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