Can I Keep My House and File Bankruptcy?
No one wants to lose a home. If you are facing serious debt, however, owing more to your creditors every month than what you make, keeping your home might seem like an impossible dream.
At Walton Legal Services, our Indiana debt-relief attorneys know that it is not impossible. Is your home in foreclosure? We can help you keep your home and still get the debt-relief you need through bankruptcy.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
If your home is in foreclosure, or if your debts are mounting, and you are afraid to lose your home, contact us. We can explore some of the many options available to you to help you keep your home, including:
- Equity exemption: Bankruptcy law allows for a generous exemption for people filing for bankruptcy. Married couples, for example, can exempt up to $35,200 in home equity, meaning this amount of equity cannot be touched by your creditor in bankruptcy.
- Repayment: Chapter 13 is a debt repayment/reorganization with a three-year or five-year repayment period. This often gives people the opportunity to get caught up on overall debts and keep their homes.
- Reaffirmation: Even in a Chapter 7, there is the opportunity to reaffirm debts. If you are able to maintain the payments on your home with the elimination of the other debts, you can reaffirm your home debt and keep your home.
- Automatic stay: Whether you file for Chapter 7 or Chapter 13, collectors are forbidden by law to continue collections activities against someone who is in the bankruptcy process. This could give you enough breathing space to catch up on your payments and keep your home.
- Negotiation: Lenders are more flexible working with debtors to keep possession of their homes than they used to.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
Even if you are in the process of filing for bankruptcy, you can still pursue a loan modification on your mortgage. Discharge from your other debts combined with a loan modification could be the perfect combination to help you find the road to financial freedom.
