Yes, you can generally keep your house in Chapter 7 bankruptcy if you are current in your payments and have $60,000 or less in equity, or $90,000 or less of equity if you are disabled or over 60, but you must be able to keep current, or, if you are behind, get current before filing. This applies to second mortgages and homeowners dues as well.
If you are current with these house obligations, we file a Chapter 7 bankruptcy case to get rid of everything else, and you can concentrate on the house payments and keep the house.
But, what if you are behind, facing foreclosure, and still want to keep the house? The only way to do this through bankruptcy is by utilizing the power of Chapter 13, which is not discussed in this blog. It is a complicated subject and should really be discussed one-on-one with an experienced bankruptcy attorney in Denver. Call me, 303-831-0733 and I can explain in detail.
The decision to keep or get rid of a house is probably one of the most important decisions you will make. There are many timing and other considerations which must be reviewed with us at Mile High Bankruptcy on a case-by-case basis to truly decide how to proceed.
Knowledge is power, and I would be happy to review your situation about your home personally, to explain your options and help you make the right decision concerning whether to keep the house or let it go. Either way, you will be debt free when the chapter 7 is over.
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