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| Myth: Filing For Bankruptcy Means Losing Your Home |
| Written by Larry Leeds |
| Tuesday, 15 December 2009 09:12 |
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The foundation of where the American dream is built, is in that important investment of owning a home. A place where we raise our children, enjoying all those precious family moments. A place to build a strong foundation. It is where our hearts reside, home sweet home. Where we unwind, sleep, and live every minute of our lives. Something you want to protect at all costs.
The foundation of where the American dream is built, is in that important investment of owning a home. A place where we raise our children, enjoying all those precious family moments. A place to build a strong foundation. It is where our hearts reside, home sweet home. Where we unwind, sleep, and live every minute of our lives. Something you want to protect at all costs. Although many of us are ashamed of filing bankruptcy, it is something that many of us have to endure, due to poor credit, overwhelming debt, businesses gone bad or poor investments and financial decisions. Many people are scared to file for bankruptcy because it raises the question, "Will I be able to save my home while filing for bankruptcy?" Many people think that saving their home is out of the question when filing for bankruptcy and in return raises guilt, questions about their family's future and many various overwhelming burdens. I am here to tell you that saving your home is not out of the question and you can successfully salvage your home while filing for bankruptcy. This raises the question "How is that possible? Isn't my home at risk if I file for bankruptcy?" Most people file for bankruptcy in an effort to save their home from going into foreclosure. If you are filing for Chapter 13 bankruptcy, there is a good chance that you will be able to keep your home because you will be required to continue making mortgage payments as well as paying back payments if you have missed any. The first thing you must do is figure out how much equity you have in your home. Once you find out how much your home is currently worth, subtract the amount you still owe from that amount. That will tell you the amount of equity you have. For example, if your house is worth $200,000, and you have $185,000 worth of mortgage loans still owed, your home equity would be $15,000. The current federal homestead exemption is $18,450. If you have less than $18,450 in equity, you may be able to keep it. If you have more than the exemption amount, you may be at risk of losing your home. Before filing for bankruptcy it is recommended that you check your home's worth, amount of equity and proceed from there. Keeping your home is not out of the question and you may be able to keep your home while filing for bankruptcy. Contacting an experienced bankruptcy lawyer should be your first step, once you have your papers in order. About the Author: Save your home while filing for bankruptcy New York City Bankruptcy Attorneys, the Law Offices of Macron & Cowhey Queens Bankruptcy Law Firm can help. |