I keep hearing this despite writing about it several times before So lets take another look at this myth.
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.
If you filed bankruptcy and can't afford to keep your house (payments too high for your income), how long should you stay there? (more…)
Are you retired in California, with lots of debt, and considering bankruptcy? Are you also wondering if you will be able to keep your home, your Social Security savings, and your pension savings? The short answer is that you may be able to get rid of those debts in bankruptcy and also keep all those items, even if you have equity in your home (your home is worth more than you owe on it). (more…)
In this Part 3 of the series "Will they take my house if I file bankruptcy?", the situation is that you're behind on your house mortgage payments, afraid they'll foreclose on your house, and probably in debt for other things. In this situation the question is better expressed as "Can I save my house by filing bankruptcy?". As with many questions about bankruptcy, the direct answer is a strong "it depends".
I'm current on my house mortgage payments but am way in debt for other things. If I file bankruptcy, will they take my house? In Part 1 we discussed what might happen in a Chapter 7 bankruptcy. Today we discuss Chapter 13, the "payment plan" bankruptcy. (more…)
I'm current on my house mortgage payments but am way in debt for other things. If I file bankruptcy, will they take my house? (more…)