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| Myth: Filing For Bankruptcy Means Losing Your Home |
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| Written by Larry Leeds |
| Tuesday, 15 December 2009 10:20 |
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The foundation of where the American dream is built, is in that important investment of owning a home. A place where we raise our children, enjoying all those precious family moments. A place to build a strong foundation. It is where our hearts reside, home sweet home. Where we unwind, sleep, and live every minute of our lives. Something you want to protect at all costs. Many people with poor credit, overwhelming debt, businesses that tanked, who made poor investments and bad financial decisions, may feel they have to endure shame if they opt to file for bankruptcy. A question gets raised, which frightens people to file for bankruptcy, if their home will be able to be saved. Some think bankruptcy does not allow the saving of their home, and in return questions about their family's future and various overwhelming burdens raises guilt. You can successfully salvage your home while filing for bankruptcy and I am here to alert you that saving your home is not out of the question. So many questions are raised regarding the home and bankruptcy, such as how is this possible, and won't my home be at risk if I file for bankruptcy. People have found that they didn't have to be subjected to foreclosure when they filed for bankruptcy. Chapter 13 bankruptcy, for example, would bring a good chance of keeping your home and you will be required to continue making mortgage payments, and paying back any missed payments if this applies. There are first steps in dealing with bankruptcy and your home. First you have to figure out how much equity you have in your home. When you have reached this answer, subtract the amount still owed from that amount. This will tell you the amount of equity you have. If you have $185,000 worth of mortgage loans owed, and your house is worth $200,000, $15,000 would be your home equity. The current federal homestead exemption is $18,450. If you have less than $18,450 in equity, you may be able to keep it. If you have more than the exemption amount, you may be at risk of losing your home. Before filing for bankruptcy it is recommended that you check your home's worth, amount of equity and proceed from there. Keeping your home is not out of the question and you may be able to keep your home while filing for bankruptcy. Contacting an experienced bankruptcy lawyer should be your first step, once you have your papers in order. About the Author: Save your home while filing for bankruptcy New York City Bankruptcy Attorneys, the Law Offices of Macron & Cowhey Queens Bankruptcy Law Firm can help. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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