{"id":189808,"date":"2024-03-25T20:11:20","date_gmt":"2024-03-25T20:11:20","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/?p=189808"},"modified":"2024-03-25T20:11:20","modified_gmt":"2024-03-25T20:11:20","slug":"can-i-keep-my-house-in-bankruptcy","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/","title":{"rendered":"Can I keep my house in bankruptcy?"},"content":{"rendered":"<p>Can I Keep My House in Bankruptcy?<\/p>\n<p>For individuals facing financial hardship, filing for bankruptcy can be a way to regain control of their financial situation and start anew. However, one of the most common concerns facing those considering bankruptcy is whether or not they will be able to keep their house. The answer, as is often the case with legal matters, is: it depends.<\/p>\n<p>While bankruptcy does provide a fresh start, it is not an automatic guarantee that you will be able to keep your house. The outcome largely depends on the type of bankruptcy you file and the equity you have in your property. Let&#8217;s explore the different bankruptcy options and their impact on your home:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#Chapter_7_Bankruptcy\" title=\"Chapter 7 Bankruptcy:\">Chapter 7 Bankruptcy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#Chapter_13_Bankruptcy\" title=\"Chapter 13 Bankruptcy:\">Chapter 13 Bankruptcy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#Related_FAQs\" title=\"Related FAQs:\">Related FAQs:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#1_Can_I_keep_my_house_if_I_file_for_bankruptcy\" title=\"1. Can I keep my house if I file for bankruptcy?\">1. Can I keep my house if I file for bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#2_How_much_equity_can_I_keep_in_Chapter_7_bankruptcy\" title=\"2. How much equity can I keep in Chapter 7 bankruptcy?\">2. How much equity can I keep in Chapter 7 bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#3_Can_I_keep_my_home_if_Im_behind_on_mortgage_payments\" title=\"3. Can I keep my home if I&#8217;m behind on mortgage payments?\">3. Can I keep my home if I&#8217;m behind on mortgage payments?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#4_Can_I_keep_my_home_if_its_worth_more_than_my_mortgage_balance\" title=\"4. Can I keep my home if it&#8217;s worth more than my mortgage balance?\">4. Can I keep my home if it&#8217;s worth more than my mortgage balance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#5_What_happens_to_my_home_if_I_dont_claim_an_exemption_in_Chapter_7_bankruptcy\" title=\"5. What happens to my home if I don&#8217;t claim an exemption in Chapter 7 bankruptcy?\">5. What happens to my home if I don&#8217;t claim an exemption in Chapter 7 bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#6_Can_I_keep_my_home_if_I_file_bankruptcy_jointly_with_my_spouse\" title=\"6. Can I keep my home if I file bankruptcy jointly with my spouse?\">6. Can I keep my home if I file bankruptcy jointly with my spouse?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#7_Can_I_sell_my_home_while_in_bankruptcy\" title=\"7. Can I sell my home while in bankruptcy?\">7. Can I sell my home while in bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#8_Can_I_keep_my_home_if_its_the_only_asset_I_have\" title=\"8. Can I keep my home if it&#8217;s the only asset I have?\">8. Can I keep my home if it&#8217;s the only asset I have?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#9_What_if_I_have_a_second_mortgage_or_home_equity_loan\" title=\"9. What if I have a second mortgage or home equity loan?\">9. What if I have a second mortgage or home equity loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#10_Can_I_keep_my_investment_property_in_bankruptcy\" title=\"10. Can I keep my investment property in bankruptcy?\">10. Can I keep my investment property in bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#11_Can_I_keep_my_home_if_its_in_foreclosure\" title=\"11. Can I keep my home if it&#8217;s in foreclosure?\">11. Can I keep my home if it&#8217;s in foreclosure?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#12_Can_I_keep_my_home_if_its_financed_through_a_lease-to-own_or_land_contract\" title=\"12. Can I keep my home if it&#8217;s financed through a lease-to-own or land contract?\">12. Can I keep my home if it&#8217;s financed through a lease-to-own or land contract?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Chapter_7_Bankruptcy\"><\/span>Chapter 7 Bankruptcy:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThis type of bankruptcy involves the liquidation of your assets to pay off your debts. While it may sound intimidating, most states provide certain exemptions that can protect your home equity up to a certain amount. **If your equity falls within the exemption limit set by your state, you can keep your house in a Chapter 7 bankruptcy**. However, if you have significant equity and cannot exempt the full amount, the bankruptcy trustee may sell the property to pay off your debts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Chapter_13_Bankruptcy\"><\/span>Chapter 13 Bankruptcy:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nUnlike Chapter 7, Chapter 13 bankruptcy allows individuals to keep their property while creating a repayment plan to satisfy their debts over a period of three to five years. This favorable option is ideal for homeowners facing foreclosure, as it can provide an opportunity to catch up on missed mortgage payments. **You can definitely keep your house in a Chapter 13 bankruptcy**, as long as you continue making mortgage payments under the court-approved repayment plan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Related_FAQs\"><\/span>Related FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_Can_I_keep_my_house_if_I_file_for_bankruptcy\"><\/span>1. Can I keep my house if I file for bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIt depends on the type of bankruptcy you file, the equity in your home, and state exemption limits.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_much_equity_can_I_keep_in_Chapter_7_bankruptcy\"><\/span>2. How much equity can I keep in Chapter 7 bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe exemption limit varies by state and can range from a few thousand dollars to several hundred thousand dollars.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Can_I_keep_my_home_if_Im_behind_on_mortgage_payments\"><\/span>3. Can I keep my home if I&#8217;m behind on mortgage payments?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFiling for Chapter 13 bankruptcy can provide an opportunity to catch up on missed payments and potentially save your home from foreclosure.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Can_I_keep_my_home_if_its_worth_more_than_my_mortgage_balance\"><\/span>4. Can I keep my home if it&#8217;s worth more than my mortgage balance?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf your home&#8217;s market value exceeds your mortgage balance, your equity may be at risk in a Chapter 7 bankruptcy. However, in Chapter 13 bankruptcy, you can retain your home by repaying your debts through a court-approved plan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_happens_to_my_home_if_I_dont_claim_an_exemption_in_Chapter_7_bankruptcy\"><\/span>5. What happens to my home if I don&#8217;t claim an exemption in Chapter 7 bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you fail to claim an exemption for your home&#8217;s equity, the bankruptcy trustee may sell it to repay your debts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Can_I_keep_my_home_if_I_file_bankruptcy_jointly_with_my_spouse\"><\/span>6. Can I keep my home if I file bankruptcy jointly with my spouse?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you and your spouse can both file for bankruptcy jointly and potentially keep your home.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_I_sell_my_home_while_in_bankruptcy\"><\/span>7. Can I sell my home while in bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn Chapter 7 bankruptcy, the bankruptcy trustee may sell your home. In Chapter 13, you generally need court approval to sell your home.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Can_I_keep_my_home_if_its_the_only_asset_I_have\"><\/span>8. Can I keep my home if it&#8217;s the only asset I have?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nGenerally, yes. If your home is your primary residence and falls within the exemption limit, you can likely keep it in bankruptcy.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_if_I_have_a_second_mortgage_or_home_equity_loan\"><\/span>9. What if I have a second mortgage or home equity loan?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile a Chapter 7 bankruptcy may eliminate your personal liability for these loans, it does not automatically eliminate the liens. In Chapter 13, you may have the opportunity to remove or &#8220;strip&#8221; certain types of liens.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_I_keep_my_investment_property_in_bankruptcy\"><\/span>10. Can I keep my investment property in bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe rules surrounding keeping an investment property in bankruptcy are different from those for your primary residence. It&#8217;s advisable to consult with a bankruptcy attorney to discuss your options.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Can_I_keep_my_home_if_its_in_foreclosure\"><\/span>11. Can I keep my home if it&#8217;s in foreclosure?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFiling for bankruptcy, particularly Chapter 13, can provide an opportunity to stop foreclosure proceedings and keep your home.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_I_keep_my_home_if_its_financed_through_a_lease-to-own_or_land_contract\"><\/span>12. Can I keep my home if it&#8217;s financed through a lease-to-own or land contract?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn Chapter 7 bankruptcy, the trustee may seize the property, as it is generally considered an asset. However, in Chapter 13, you have more flexibility to keep the property and continue making payments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can I Keep My House in Bankruptcy? For individuals facing financial hardship, filing for bankruptcy can be a way to regain control of their financial situation and start anew. However, one of the most common concerns facing those considering bankruptcy is whether or not they will be able to keep their house. The answer, as &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Can I keep my house in bankruptcy?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/can-i-keep-my-house-in-bankruptcy\/#more-189808\">Read more<span class=\"screen-reader-text\">Can I keep my house in bankruptcy?<\/span><\/a><\/p>\n","protected":false},"author":49,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-189808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can I keep my house in bankruptcy?<\/title>\n<meta name=\"description\" content=\"Can I Keep My House in Bankruptcy? 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