Will I Lose My House If I File For Bankruptcy?
Filing for bankruptcy can be a nerve wracking experience for anyone. Can filing for bankruptcy end in your home being taken away? Not knowing the ins and outs of bankruptcy can make a confusing situation even more unclear without help. There are a few different factors that come in to play when dealing with how bankruptcy will affect your home. The best personal foreclosure attorneys at Nikolaus & Hohenadel, LLP can help you understand what your options are and the best course of action to take.
Many people think that filing for bankruptcy means your house is going to be taken from you and you will have no place to live; however, losing your home is not the only outcome in this scenario. Having the right personal foreclosure lawyers can help you find out how you can save your home.
Here is some information to help you understand how this works and some things to consider:
Filing For Chapter 7 Bankruptcy
When filing for chapter 7 bankruptcy, there is a chance you could lose your home since your assets may be liquidated to pay back any debts you have. It is possible that you’d be able to keep your home depending on whether or not it would fall under an exemption. In Pennsylvania you can choose between the federal exemptions or the state exemptions when filing for chapter 7 bankruptcy. Discussing this with the right attorney will help you determine whether or not your home would fall under these exemptions, and how you can move forward with both your home and a fresh start.
Filing For Chapter 13 Bankruptcy
When filing for chapter 13 bankruptcy, there is a much higher chance that you’d be able to keep your home. Even if you are behind on your mortgage payments, you would still be able to keep your home in many cases. In a chapter 13 bankruptcy, you can choose to pay your mortgage arrearage through a plan payment that lasts 3 to 5 years. This often spreads missed arrearage payments out over a period of time that becomes more manageable for clients.
When you need someone who can help you understand what to do when filing for
bankruptcy, you should look no further than Nikolaus & Hohenadel, LLP. Make sure you reach out to us to help you. We have offices in Lancaster, Columbia, Elizabethtown, Strasburg and Quarryville. Visit us online and contact us today to schedule an appointment to discuss your questions and concerns.