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Wednesday 13th of December 2017

With Bankruptcy You Can Save Your Home PDF Print Email
Finance - Real Estate
Written by: Larry Leeds   
Wednesday, 10 February 2010 13:37
The American dream, as we all know, is owning our own home. This is a very important investment, one where we see our children grow up and where we enjoy so many family moments. The dream is built. Is is not merely an investment, but is where we reside, and where our joys flourish. A place to call home, relax, kick up our feet, lay our heads. At all cost it is something you want to protect.


The American dream, as we all know, is owning our own home. This is a very important investment, one where we see our children grow up and where we enjoy so many family moments. The dream is built. Is is not merely an investment, but is where we reside, and where our joys flourish. A place to call home, relax, kick up our feet, lay our heads. At all cost it is something you want to protect.

Many people with poor credit, overwhelming debt, businesses that tanked, who made poor investments and bad financial decisions, may feel they have to endure shame if they opt to file for bankruptcy. A question gets raised, which frightens people to file for bankruptcy, if their home will be able to be saved. Some think bankruptcy does not allow the saving of their home, and in return questions about their family's future and various overwhelming burdens raises guilt.

I am here to tell you that saving your home is not out of the question and you can successfully salvage your home while filing for bankruptcy. This raises the question "How is that possible? Isn't my home at risk if I file for bankruptcy?" Most people file for bankruptcy in an effort to save their home from going into foreclosure. If you are filing for Chapter 13 bankruptcy, there is a good chance that you will be able to keep your home because you will be required to continue making mortgage payments as well as paying back payments if you have missed any.

The first thing you must do is figure out how much equity you have in your home. Once you find out how much your home is currently worth, subtract the amount you still owe from that amount. That will tell you the amount of equity you have. For example, if your house is worth $200,000, and you have $185,000 worth of mortgage loans still owed, your home equity would be $15,000.

The current federal homestead exemption is $18,450. If you have less than $18,450 in equity, you may be able to keep it. If you have more than the exemption amount, you may be at risk of losing your home. Before filing for bankruptcy it is recommended that you check your home's worth, amount of equity and proceed from there. Keeping your home is not out of the question and you may be able to keep your home while filing for bankruptcy. Contacting an experienced bankruptcy lawyer should be your first step, once you have your papers in order.

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