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How Your House Will be Treated in Bankruptcy?

House is where people feel safe and secure, but in bankruptcy, your house is at stake as well. It is treated differently depending on your situation. So let's see how your house will be treated when you are filing for bankruptcy.

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How Your House Will be Treated in Bankruptcy?

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  1. BANKRUPTCY ANDYOURHOME

  2. THEPLACEYOUCALL HOME Homeiswhereyoulive. It'swhereyoufeelsecure andsafe. Butwhatifsomeonetakesitaway. Obviously, youwoulddoeverythingtoprotect yourhome. Buttherearesomecircumstancesthatmaylead tolosingyourhome, andonesuchsituationis filingforbankruptcy. WILLBANKRUPTCY TAKEMYHOME AWAY? Thisisoneofthefirstquestionsthatcometo someone'smindwho'sfilingforbankruptcy. Therearecertainfactorsthatdecidewhether yourhouseisgoingtobetakenawayornot. It alsodependsonwhatkindofbankruptcyyouare goingtofile.

  3. DECIDINGFACTORS It'simportanttodecidewhatyouwantoutofyour bankruptcy. Whetheryougettokeepyour propertyornot, dependsonyourfinancial arrangementsandthetypeofbankruptcyyouare filing. Therearesomerulesthatyoushouldknow sothatyoucanmakeabetterjudgement. Thevalueoftheproperty, amountofmortgage outstanding, andhouseholdincome & expenses mayvaryfrompersontoperson, butwhatremain stableishowahomeistreatedunderChapter7 andChapter13Bankruptcy.

  4. CHAPTER13 Nomatterifyourpropertycomesunder exemptionsornot, Chapter13keepsitsafe. Under Chapter13, yougettokeepyourhouse, youonly havetomakearrangementforrepaymentofyour debt. Thishastobedoneinmonthlyinstallments orpaymentsthatusuallylasts3-5years. Thoughif thedebtamountishuge, thelengthoftheplan willalsoincrease. CHAPTER7 Propertythatisnotexemptunderthestate'slaw isboundtobetakenawayunderChapter7 bankruptcy. Youmaynothavetorepayyour debt, butyou'llhavetoletgoofyourproperty. Thebankruptcytrusteeallottedgenerallyasksto sellthepropertyandpaythecreditors. Thoughit takesawayyourhouse, ittakeslesstimeto receivethebankruptcydischarge.

  5. WHATTODO? Nowthatyouknowwhathappensineachtypeof bankruptcyfiling, therearestillsomecomplex rulesthatonlyanattorneycantellyou. Talkingto aqualifiedbankruptcyattorneyisoneofthe foremoststepswhilefilingforbankruptcy. Chancesarethatyoumaynotevenneedtofilefor bankruptcy, ifyoufollowtheiradvice. DISCUSSYOUR ALTERNATIVES

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