Can I Keep My Home in Bankruptcy?
Keeping You in Your Home
One of the first questions people considering bankruptcy generally ask is, “Will I lose my house?” Because you have worked hard to purchase your home, and that is where so many memories have been made, it is an important question. The fact is that many people who file for bankruptcy are able to retain their homes, as long as the home's equity is protected by bankruptcy exemptions and if they are able to keep up with their mortgage every month.
At Resnik Hayes Moradi LLP , we are committed to helping families overcome debt problems and rebuild their financial lives on more solid footing. Our attorneys have helped countless individuals in Los Angeles, Sherman Oaks and other Southern California communities get financial relief and stay in their homes.
Schedule your free consultation to discuss your bankruptcy questions.
What Happens to My House When I File for Bankruptcy?
If you are in default on your home mortgage and have been notified that the lender is pursuing foreclosure, it is important that you take action immediately. Filing for bankruptcy is one way to save your home. When you file either Chapter 7 or Chapter 13 bankruptcy, the court issues an automatic stay. This freezes all foreclosure actions temporarily while you sort our your finances and debts.
Depending on whether you file Chapter 7 or Chapter 13, here is what you can expect for your home:
- Under Chapter 7 bankruptcy, your unsecured debt is discharged, leaving more money for you to work on becoming current on your mortgage obligations. As long as you are able to keep up with your monthly mortgage, you will be able to keep your home.
- With Chapter 13 bankruptcy, any past due amounts are rolled into a monthly repayment amount that you make over three to five years without interest or penalties. We can even remove junior liens forever! However, if your income is not enough to afford your mortgage payments, the bank may eventually foreclose your home.
Our lawyers can also advise you about how to avoid foreclosure through a short sale, weighing the pros and cons of that possibility.
Need to Stop Foreclosure? Call Us Immediately.
To learn more about how you can avoid foreclosure, speak with the professionals at Resnik Hayes Moradi LLP . We welcome the opportunity to meet with you during a free initial consultation and discuss your unique situation. Not only do our attorneys know the bankruptcy laws from the inside out, but they also understand how important your home is to you.
Call (213) 344-0043, or contact our firm online today.
For your convenience, we meet with clients at our offices in Los Angeles and Sherman Oaks from 7:00 a.m. to 7:00 p.m., Monday through Friday. Weekend appointments are also available. We offer payment plans.
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Without the support of pro bono attorneys we couldn't do all the work we need to do, and your firm in particular is outstanding.- Skip K.
Was very impressed with the comprehensive professionalism of the firm...- G.L
He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults.- David K.
He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own.- Kelly S.
I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home.- Joseph R.