Ohio Bankruptcy, Dayton Bankruptcy
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My Home In Bankruptcy

My Home In Bankruptcy

: Richard West Law Office

houseWhat happens to your home if you decide to go bankrupt will all depend which bankruptcy you qualify for and your specific circumstances. In a Chapter 13 bankruptcy you will not be at risk of losing your home. The mortgage holder also cannot increase your interest or change any other terms of the mortgage just because you have filed for bankruptcy. It also means that your mortgage holder cannot foreclose while you are in an active bankruptcy case, but there are some considerations to make for the long term protection of your home.

Choosing Chapters

In some cases in a Chapter 7 bankruptcy you could lose your home. This is if it has not been exempted. If it has then you will just continue to honor your mortgage obligations. If your home has been exempted, then when your bankruptcy case is concluded you will receive a discharge of your personal liability regarding the mortgage. This discharge does not include the security interest. If you decided not to honor your mortgage payments then the mortgage lender has the right to foreclose which would mean you would lose your home.

It may be that you are behind in your mortgage when you enter into your Chapter 7 bankruptcy. You will still have to bring yourself up to date with the mortgage payments if you want to keep your home. If you were in a Chapter 13 bankruptcy then you may have the opportunity to make new arrangements concerning your mortgage.

The big question you will want an answer to is your home exempt? You need to determine this and it may be difficult for you. Using the services of a qualified What happens to your home if you decide to go bankrupt will all depend which bankruptcy you qualify for and your specific circumstances. In a Chapter 13 bankruptcy you will not be at risk of losing your home. The mortgage holder also cannot increase your interest or change any other terms of the mortgage just because you have filed for bankruptcy. In some cases in a Chapter 7 bankruptcy you could lose your home. This is if it has not been exempted. If it has then you will just continue to honor your mortgage obligations. If your home has been exempted, then when your bankruptcy case is concluded you will receive a discharge of your personal liability regarding the mortgage. This discharge does not include the security interest. If you decided not to honor your mortgage payments then the mortgage lender has the right to foreclose which would mean you would lose your home. It may be that you are behind in your mortgage when you enter into your Chapter 7 bankruptcy. You will still have to bring yourself up to date with the mortgage payments if you want to keep your home. If you were in a Chapter 13 bankruptcy then you may have the opportunity to make new arrangements concerning your mortgage. The big question you will want an answer to is your home exempt? You need to determine this and it may be difficult for you. Using the services of a qualified bankruptcy attorney will mean that you will get a reliable answer not only to this question but many others that you will most likely have regarding bankruptcy.Cincinnati bankruptcy attorney will mean that you will get a reliable answer not only to this question but many others that you will most likely have regarding bankruptcy.