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Your Home in Bankruptcy
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Many people filing for Chapter 7 or Chapter 13 bankruptcy want to know what will happen to their home. Some are facing foreclosure and hope that bankruptcy can save their home. Others have lots of equity in their home, and don't want the bankruptcy trustee to take it.
What happens to your home and your mortgages, depends, in large part, on these factors:
- what type of bankruptcy you file (Chapter 7 or Chapter 13)
- how much equity you have in the home
- whether you are current on your mortgage, and
- whether you have enough income to stay current.
Below you will find articles explaining what happens to homes and mortgages in Chapter 7 and Chapter 13, as well as discussing some of the powerful features of Chapter 13 that allow you to remove second mortgages in certain situations. And if you are in the middle of foreclosure, you can find out if bankruptcy can help.
Articles on Your Home in Bankruptcy
Find out what happens to your home in Chapter 7 and Chapter 13 bankruptcy.
The answer depends on your equity, the homestead exemption, and whether you are current on payments. Learn more.
Learn what happens to your mortgage in Chapter 13 bankruptcy.
You can't reduce the first mortgage on your primary residence. But you may be able to reduce or eliminate other mortgages.
Find out what happens to your home equity line of credit in Chapter 7 and Chapter 13 bankruptcy.
The homestead exemption plays a role in whether you can keep your home in Chapter 7 bankruptcy.
Getting Rid of Second Mortgages and Home Equity Lines of Credit
In Chapter 13 bankruptcy, you might be able to "strip" off second mortgages and HELOCs.
Find out if you can strip off a second mortgage in Chapter 13.
You may be able to strip off a HELOC in Chapter 13, but not in Chapter 7.
Learn about "Lien Stripping" in a Chapter 13 Bankruptcy Case.
Bankruptcy and Foreclosure
Find out if bankruptcy can help with foreclosure.
Can Chapter 7 or Chapter 13 help avoid foreclosure?
Find articles on foreclosure basics, the timing of your bankruptcy, and whether Chapter 7 or Chapter 13 bankruptcy can save your home.
Common Questions About Homes in Bankruptcy
Nolo's Bankruptcy Books
Turn to Nolo for in-depth information and do-it-yourself bankruptcy help.
The New Bankruptcy: Will It Work for You?
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.
How to File for Chapter 7 Bankruptcy
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time
This comprehensive guide explains the Chapter 13 process, from start to finish.
This comprehensive guide explains the Chapter 13 process, from start to finish.
Bankruptcy for Small Business Owners: How to File for Chapter 7
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.
The content of this website is provided for informational purposes only, and should not be construed as legal advice. Always consult with an attorney regarding any legal issues. If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
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