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Can one go bankrupt and keep the house? What if the mortgage is in the arrears? If the mortgage is in both the husband and wife name, do both have to go bankrupt to avoid collections?

Posted: Tue Nov 13, 2007 5:06 am Subject:

yes, you can keep your house if you file a chapter 13 and include the arrears in the bankruptcy.

Posted: Tue Nov 13, 2007 10:07 am Subject:

We filed a chapter 13 and were able to keep our home. I would check with an attorney on your other questions.....however, if both of your names is on the mortgage payment, you would both be reported to collections if it got to that point.

Posted: Tue Nov 13, 2007 10:43 am Subject:

I am pretty sure that both of you would have to file in the bankruptcy to be protected. Otherwise they could come after whoever didn't file for the arrears, fees, etc but yes the best thing in a case where you are thinking to file bankruptcy is to go in and discuss your situation with an attorney and they can tell you what the best options for you are.

If you are eligible for a chapter 13 they will be able to tell you ...just make sure you have all your bills, collections, and income verification before you go in. Most attorneys have a free consultation too

Linda5 · Posted: Thu Dec 20, 2007 11:49 am Subject: YES

You can file chapter 7 and keep your home, if you don't have alot of equity in it. We kept our home and vehicle as it had no equity large enough for trustee to take from us. THANK GOD.

Posted: Thu Dec 20, 2007 12:53 pm Subject:

It depends on what your state's homestead expemptions are.

Some state's have high exemptions, others very small. So if you are looking to save your house Chapter 13 is usually the best option. In very few cases can you keep a house with a chapter 7.

Linda5 · Posted: Thu Dec 20, 2007 2:12 pm Subject: FYI

IF you have no assets or equity in your home at all, then you more than likely will fall under every states home exemption figures. We have 2000.00 equity in our home and vehicle combined, it was not a problem for Chapter 7.

Posted: Thu Dec 20, 2007 6:19 pm Subject:

We kept our home in a chapter 7.

ladybug

Posted: Thu Dec 20, 2007 8:55 pm Subject:

My dad kept his house and 2 cars and filed chapter 7. He just ( I forgot what it is called) made arrangements with the loan companies. But everything else was wiped out.

Posted: Thu Dec 20, 2007 9:33 pm Subject:

I'm thinking that's called 'reaffirming the asset'. Basically assuring the creditor that you aren't gonna make an arrangement with them and then add them to the bankruptcy.

Posted: Fri Dec 21, 2007 7:17 am Subject:

yep that was it Uncle lol. I was having a brain fart lmao Laughing

Posted: Fri Dec 21, 2007 10:45 am Subject:

We didn't have to agree to a reaffirmation agreement which I personally thought that was unusual and that was 4 years ago.

ladybug

Posted: Wed Dec 26, 2007 10:45 am Subject: Bankruptcy

i have filed cpt 7 over 10 yrs no i have my home for sale have a contract on it but im going through the short sale process my home is like a car note upside down im late on my morgage it is not in forclosure yet my mortage companies has not accepted or rejected my short sale my buyers or still holding on . I have accruded other probnlems with pdl and a lein on my paid off car i would like to file for chpt 7 and just bee done keep my hse and my car what do you think ?

Posted: Wed Dec 26, 2007 1:53 pm Subject:

The laws have changed and gotten much tighter since you both filed . . . .

Posted: Fri Dec 28, 2007 10:44 am Subject:

Know someone that filed Ch 7 and kept their house, but they did the affirmation on the house. The loan company was pretty strict on them and they could not be late at all. They ended up getting their payments dropped by $200 (I think that was the amount) when they did this, but like I said, the laon campany was strict

Posted: Sun Jan 13, 2008 9:37 pm Subject:

What about a car? If I filed Chapter 13 or chapter 7 would I be able to keep my car? I am now 3 months behind in the payment and am afraid it is going to get repossessed. (haven't had the money to pay because of payday loan messes)

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