How do I file bankruptcy and still keep my house? - I need to file bankruptcy but I don`t want to lose my home. Is there a way to declare bankruptcy and protect my assets? :: Answer Animal

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How do I file bankruptcy and still keep my house?

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Nickolas

I need to file bankruptcy but I don`t want to lose my home. Is there a way to declare bankruptcy and protect my assets?

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55 Hudson Street Hackensack, NJ 07601 (201) 498-0400 (201) 498-0016 Montclair Office

Q. Should i buy a hap house?

Yes, the person can buy a hap house . HAP house are constructed by the govt. for citizens only. To know more details information about buying of hap house , the person can visit the following website http://www.phfa.org/consumers/homebuyers

Q. How to buy a hap house?

http://www.firstfrontdoor.com/ http://www.phfa.org/consumers/homebuyers Check these websites and you will get the wanted info.

Q. How long does it take to close a hap house?

They told us 45 days but they gave us a 60 day close just to be sure. So, guess what ? 60 days are up. The goverment is backed up in their paper work and they don`t even know if we will know the closing date by the end of the month. That will be closer to 75 days and longer possibly. Make sure you know what you are getting into.

Q. How much equity am i allowed to keep when selling my house if i file bankruptcy?
i am getting a divorce. the mortgage on my house is in my name only. the title is actually in both names. my soon to be ex-husband still lives here, he is refusing to pay the house payment. he wants them to foreclose on me. i want to sell the house and use the equity to pay off some debt. the total equity after selling the house would be about $60,000. we have a total of other assets of $50,000. the total assets we have are $110,000. the total debt owed is $44,000. the equity and debt are supposed to be split 50/50, so 50% of the total equity left would be $33,000. if i file bankruptcy would i be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? my soon to be ex-husband would not be filing for bankruptcy. how would all this affect him?

"You can't really file for bankruptcy until the divorce is finalized -..."

Until your ex-husband is onboard with selling the house - you really can't do anything. You need to continue paying the mortgage until a divorce court judge orders sale of property and the proceeds to be divided equally between you and your future ex-husband. In the meantime, you could obtain a pendente lite order meaning that your husband has to sign papers to list the house, accept a contract on the house and sell the house to the new owners. He will have to leave when the house is sold. As for your debts - both of you are equally responsible. You could instruct the settlement company to pay some of the debts -but they are not obligated to do anything other than split your proceeds in half between you and your ex. You can't really file for bankruptcy until the divorce is finalized - makes life a lot simpler to manage and saves you a lot more in legal fees and the like.

This answer closely relates to:

Mortgage in my name only divorce owe more

Q. Can i file bankruptcy n keep my house n car n other payments?
i need to file bankruptcy because i am to far behind on several credit cards payments, i want to keep my house n car though.

"But there is a huge downside to bankruptcy..."

You can have only your credit card balances discharged. As long as you keep making payments on your house and car. But there is a huge downside to bankruptcy. It now stays on your record 10 years, thanks to legislation passed by Bush in his first term. Bankruptcy should be a last resort. It will haunt you for the next 10 years, you may have higher interest rates as a result. Many times potential employers and landlords look at your credit report when you apply for jobs, apts, etc. Look before you leap.

Q. Should i give up my house and file for bankruptcy?
i bought a house 4 years ago with two friends for 310,000 and now it is worth between 100,000-120,000. everyone is telling us that we need to just forclose and file for bankruptcy because we are to much in debt. should we do it?

Unless you absolutely need to (life or death), no. It will ruin your life for a long time to come. I would need more information to give you a specific answer.

Q. Can you file bankruptcy and keep your house?
i dont want to file bankruptcy, and i don't have a house- i was just wondering!! so, can you get a house, pay on it for a couple years, but it under your parents name & file bankruptcy- and keep your house..? i think this is why costs are so high for other people, because we have to compensate for costs of people who filed- what are you thoughts?

"Your primary home in a chapter 7 bankruptcy..."

The laws vary with the state. In my state, the State Constitution allows you to keep up to $35,000 in equity on your primary home in a Chapter 7 Bankruptcy . In no case, will you be able to keep your house if you stop making payments on it. The finance company will file a motion to lift the Bankruptcy's automatic stay, and be able to recover the house, in my case, minus the $35,000 equity, but no more. Bankruptcy does not raise costs. Bankruptcy is for people who are so far in debt, they can never pay them off anyway. So I doubt very seriously that Bankrutpcy is the reason for high costs. Credit card fees are a primary cause of cost increase, since the seller needs to raise all their prices to pay the credit card fees. FYI: Financial institutions can lend 20 times more money than they have, so by charging only 10% interest, plus about a 3% fee for every transaction , they will double their money every six months. Any debt written off in bankruptcy discharge, is a tax deduction, and even if they lost 50% of their non-secured loans, they would still double their money every year, and did not lose a dime of their own money. This is one of the major causes of high prices.

Q. Can i file for bankruptcy and keep my house?
i am doing research for a friend. she lives in new york city she has massive debt (mostly personal loans and credit cards) that there is no way she can pay. can she file for bankruptcy and keep her house/car/etc? what would she lose by filing bankruptcy?

Not much actually You keep your home (1) you keep your car (1) You keep the contents of your home

Q. What happens if you file bankruptcy and you own a house?
what happens if you file bankruptcy and you own a house? do i lose the house, please let me know asap! thanks everyone

"It depends on what type of bankruptcy you file..."

It depends on what type of bankruptcy you file. If you file Chapter 7 Bankruptcy, you have a homestead exemption. This is an amount of equity you can have in your home that you will not be forced to liquidate. If your equity is lower than the homestead exemption, you can choose not to include your mortgage as part of the debt you are getting rid of, but this means that you have to continue to pay your mortgage.

Q. If i file for bankruptcy, is there any way i can keep my house?
i have little knowledge about this topic and i need all the help i can get. if there is a way to save my house after filing for bankruptcy then please let me know!

"Considering a bankruptcy is a very grave decision and..."

That is different from state to state. Considering a Bankruptcy is a very grave decision and only a skilled bankruptcy lawyer can answer your questions correctly and prepare the right "path" and paperwork to get you thru this process. Do yourself a favor... open up the phone book and look up Bankruptcy Lawyers... my best advise... go with one that has been around for a long time and knows what they are doing. Your first consultation should be free and most likely your lawyer will send out notices to your creditors and you may not have to pay them anymore. Which should leave you with plenty of cash to pay the Lawyer long before you go to court and finish the bankruptcy.

Q. Can i file for bankruptcy on everything but my house?
i need to file bankruptcy but i do not want to included my house. is that a possibility? do i have to add them in the claim?

the court decides if that will/can happen you can't decide

Q. If you file for bankruptcy, can your house be taken away also?
i own a business and am worried that i may possibly be going out of business . if i need to file for bankruptcy, i hope that doesn't mean my house can be taken away. i bought this house last year and am paying a monthly mortgage without any late payments. some of you asked where i am since this the law varies state to state, i live in texas.

"The new bankruptcy laws tilted things even further in favor of the creditor..."

It depends on what state you are in. The new bankruptcy laws tilted things even further in favor of the creditor, and away from the taxpayer. Even if you are incorporated, they can petition to "pierce the corporate veil" if you co mingled funds with your personal and business accounts, didn't keep separate books, etc. If they pierce the veil, they can attach your personal assets in states that allow this. If you did not incorporate, or gave personal guarantees on business loans, you are more likely to lose your personal assets. Texas and Florida are two big states that make it very difficult for a creditor to take your house. Delaware will let them take everything!

Q. Can i file bankruptcy if i have lien on my house and debts?
there is a lien on my house. i would like to file bankruptcy. any suggestions on how to doing this?

"Suggest that you do not file for bankruptcy..."

Talk with an attorney. There might be a way you could still come out of bankruptcy with something left. You didn't say why you want to go bankrupt. Do you owe more than $65,000? If there is a way that you can not file bankruptcy then I suggest that you do not file for bankruptcy . Do you have relatives you could live with if you lose the house? Usually if you have a lien then any money that's taken from your pay or from what has been sold that you own first goest to paying the lien on the house. Debts on the other hand, well you can go to Consulter Credit Counseling who can remove the interest, close your accounts, and help you pay down those bills if you have a job. Right now there are a lot of part time jobs so you can get a second job for the holiday season and don't buy anything more. Cut off your cable, get rid of your cell phones, and if things get really tight then sell your expensive car if you have one and get a clunker for a while till you recover. If there are others in your family they could get jobs too. And, if you can still have the house for a while longer then maybe you can rent out a room by the week (ask for church attenders who need a room to stay over the holidays). But first you need to figure out how much time you have left on the house before it goes into foreclosure. Best of luck to you.

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