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