Bankruptcy And Your Home

In bankruptcy, the "chapter" that you file can determine if you will be required to give up property (or your home) due to filing.  Under a Chapter 7 bankruptcy, depending on what your state requirements are, you are more likely to be required to surrender some or all of your property in order to pay back accumulated credit and/or medical bills.  However, under a Chapter 13 bankruptcy, you are not required to surrender any property.  In fact, filing for a Chapter 13 bankruptcy can stop a foreclosure if you are filing due to late mortgage payments.  Though you can often keep property under both chapters of bankruptcy, you are more likely to keep property under a Chapter 13 than with a Chapter 7.

For more information about both chapters of bankruptcy and how filing will affect you, please contact your local bankruptcy attorney.