Could you lose your house simply by applying for bankruptcy?
On behalf of Ellett Law Offices , P.C. posted in 1. Chapter 7 on Thursday, February 9, 2012
No. Filing a bankruptcy will not cause you to lose your home. In fact, as long as you can afford your first mortgage, you probably can keep your home. Often through a chapter 13 bankruptcy, you can strip your second loan off from your home. Further, even if you happen to be behind on your first mortgage, a bankruptcy may let you establish a payment plan to catch up on the delinquent payments.
If you want to keep your home and you are facing financial difficulties, you should contact an experienced bankruptcy attorney. Waiting too long to contact an attorney may cause you to lose your home- don’t let this happen to you.
Also, filing a Chapter 7 bankruptcy, if done properly, can buy you several months in your home at very little cost to you.
Tags: Chapter 7, foreclosure, loan modification, personal bankruptcy