I Want To File For Bankruptcy, But I Do Not Want To Lose My House
Many people fear that filing for bankruptcy will put them at risk of losing their home. When you file for Chapter 13 bankruptcy, the trustee will not repossess your home for a profit. You will be required to consistently pay your mortgage to the bank while remaining in your home. If you are worried about losing your home to bankruptcy, it is in your best interest to consult a lawyer.
Our attorneys at Lynch & Belch, P.C., know that the fear of losing your home may be causing second thoughts about filing for bankruptcy. We provide compassionate legal advice about the effects of filing for bankruptcy. After a candid assessment of your financial situation, we will provide you with optimal solutions for your case.
How Do I File For Bankruptcy And Keep My Home?
Most homeowners are also considered to be wage earners. If you own a home, it is likely that you meet or make more than the average median annual household income. If you meet or exceed the median household income for Indiana, you are automatically ineligible to file for Chapter 7 bankruptcy. If you were eligible to file for Chapter 7, then you would be at a higher risk of losing your home. Fortunately, that is not the case with Chapter 13 bankruptcy.
When you file for Chapter 13 bankruptcy, you are required to pay back a portion of your debt to your creditors over three or five years, depending on your income. This means you will not lose your home, but you will be expected to pay off your loan.
Consult a bankruptcy attorney to identify your options for a Chapter 13 bankruptcy filing.
We Offer Free Consultations For Your Bankruptcy Assessment
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.