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Due to the loss of income I am force to file chapter 7 bankruptcy. Would I lose

  1. profile image44
    Peter Walshposted 8 years ago

    Due to the loss of income I am force to file chapter 7 bankruptcy. Would I lose my home if I filed?

    If I make the monthly payments each month.

  2. profile image51
    jwproformanceposted 7 years ago

    Bankruptcy will stop a foreclosure, you will still have to make your payments if you want your property. I know automobiles can be in a bankruptcy plan, I'm not sure about a house I think the foreclosure cost and taxes can be included in a plan. I recommend you seek the advice of a lawyer to help you decide what chapter to file, the first visit is free most of the time try calling 1-800-bankrup. I see this on road side signs all the time, I'm not a lawyer my answer to your question would be to talk to a real lawyer. Something as important as your home should not be left to chance, you really need legal advice I hope this helps.

  3. scla profile image72
    sclaposted 7 years ago

    Generally if you are current on your home and there is no equity in your home or the equity is protected by the bankruptcy exemptions, then you should be able to keep you home. You should continue to make your monthly mortgage payments and keep current on your mortgage in order to keep your home in the bankruptcy.  This hub article provides more information about common myths about bankruptcy that may be helpful:

  4. authorfriendly profile image72
    authorfriendlyposted 7 years ago

    Chapter 7 is mainly useful, when the residence comes into play, for putting off foreclosure for a few months. Chapter 13 is very much about keeping your house, so if that is your biggest concern you should try to qualify for that if you can. As scia mentioned if you are current on the home then it does not matter.

  5. profile image48
    jackdohsonposted 5 years ago

    Contact the Bankruptcy-Insolvency in the UK for more information.