Will I lose my home if I file bankruptcy?

As the song says, "It Ain't Necessarily So" (George and Ira Gershwin, Porgy and Bess, 1935). In fact, a well-planned bankruptcy may be "the" way to avoid losing your home.

Here are some common scenarios:

You owe more on your house than it's worth – There is nothing for the bankruptcy trustee to get for your creditors, so it's safe.

Your house is worth more than you owe on it – How much more? If less more (I just had to write that) than the amount you can exempt under your state's laws, then you can keep it.

If you file a Chapter 13 payment plan bankruptcy, you can keep it.

If you're behind on mortgage payments, but are now able to make current payments and a bit more, then a Chapter 13 bankruptcy may be the way to keep your home.

That's the short version to get you thinking about the possibilities. To learn more …

• Read these longer articles:

  Will they take my house if I file bankruptcy? (Part 1)

  Will they take my house if I file bankruptcy? (Part 2)

  Will they take my house if I file bankruptcy? (Part 3)

Consult with an experienced bankruptcy in your local area.

For a free consultation, click here or call 415-342-4666

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