How to Save Your Home

Keeping Your Home with a Chapter 7 Bankruptcy

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The concept of bankruptcy was invented so that people who had fallen on hard times wouldn't have to spend the rest of their lives in poverty struggling to pay off an insurmountable debt. Most who file for bankruptcy are looking for a "fresh start," but they often worry that by wiping the slate of debt clean, they're wiping out all their equity as well. For most who file for bankruptcy, this is not the case.

To set up a free initial consultation with an attorney who can teach you everything you need to know about saving your home in a chapter 7 or chapter 13 bankruptcy, contact Nimmo Hoehn & Nimmo today.

Saving Your Home in Bankruptcy.

Chapter 13 bankruptcy doesn't require that you surrender any of your assets, and keeping your home is no problem. However, Chapter 7 bankruptcy, also called a "liquidation bankruptcy," does have this requirement, so keeping your home with a Chapter 7 bankruptcy can be a little trickier. If you've stayed relatively current on your house payments, though, and if foreclosure proceedings haven't already been completed, you can probably save your house.

Look at it from the creditor's perspective: if they can get assurance that you will make your scheduled payments from the time of your bankruptcy onward, they would greatly prefer the convenience of those payments to the trouble and expense of owning and disposing of your house.

If you have fallen behind on payments for your house (or your car, for that matter), you may be better off filing for a Chapter 13 bankruptcy, which is designed to help people catch up on debts that have outpaced them.

Contact Our Personal Bankruptcy Attorneys

At Nimmo Hoehn & Nimmo, we foster a personal relationship with each client so that we can help them work through their temporary personal crises. For a free initial consultation, contact Nimmo Hoehn & Nimmo today.