Can i file bankruptcy and still keep my house even though it has a home equity loan on it that i have no trouble paying

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file bankruptcy on everything but the house,credit cards,,,and bills etc,,,

Attorney Answers

3
Andrew Myers ·
Whether or not you can "keep the house" depends on a number of factors. Are you in arrears? If so, chapter 7 is not your friend. Do you qualify under the means test? Will a chapter 7 clear up enough of your other financial obligations so that you will have enough income to pay the mortgage and the home equity loan. You indicate you have no trouble paying the home equity loan, but what about the mortgage? Many factors go into determining whether bankrutpcy is the tool to fix your finances. Consult with an experienced bankruptcy attorney in your jurisdiction to help you with the legal and procedural issues. Meantime, here is a summary of bankruptcy basics:
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Alan Walton ·
If you have equity in the home, you might have a problem if you cannot exempt it. For the last couple of years, while real estate values have been falling, we lawyers assume that everyone has no equity in their home, hence the assurance that you can keep your home in a chapter 7. HOWEVER, if you do have equity, you may need to use chapter 13 in order to keep the home. Even if you do not have equity, you may find that a chapter 13 will allow you to wipe out the home equity loan. Best to talk to someone from the attorney finder at www.nacba.org
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