Bankruptcy - Do I Get To keep My House

May 23, 2010 · Filed Under Declaring Bankruptcy

The number one priority that people seem to want to know is whether they get to keep their house when filing bankruptcy. After all no one wants to leave their home and move back into an apartment; we all work hard towards that american dream of owning our own home. If you trying to decide whether or not to file bankruptcy and have a couple of questions about whether you get to keep your house; it all depends on the type of chapter that you file.

Chapter 7: This will liquidate all your debt and will allow you to keep your home. Of course you have to be current on the monthly payments for you to be able to keep your home. If you are behind on your mortgage payments and want to keep your home; then filing chapter 13 will benefit you as a home owner.

Filing Chapter 13 will allow you to make payments to pay off the arreages of the mortgage over a set period of time. This will prevent you from falling behind further and risk losing your home to the trustee of the court.

No one wants to be faced with this situation of losing their home to bankruptcy and if you are currently struggling to make your monthly payments then you may want to consider refinancing your home to see if you can get lower payments and a lower interest rate.

If you are still having trouble with your mortgage payments and are looking for an alternative to bankruptcy and want to avoid foreclosure then I highly suggest that you talk to someone from Foreclosure Fighters. They are trained to deal with homeowners who are struggling to make their mortgage payments and may be able to provide you with some relief so that you can continue to make your monthly payments.

Remember there is help out there; you just have to be willing to ask for it before it is too late. Most people who file bankruptcy never seek assistance until it is too late. I personally know this because I waited until the creditors were calling and kept harassing me before I started looking for a solution. Click Here