Your Home in Bankruptcy

Many people filing for Chapter 7 or Chapter 13 bankruptcy want to know what will happen to their home. Some are facing foreclosure and hope that bankruptcy can save their home. Others have lots of equity in their home, and don't want the bankruptcy trustee to take it.

What happens to your home and your mortgages, depends, in large part, on these factors:

what type of bankruptcy you file (Chapter 7 or Chapter 13)
how much equity you have in the home
whether you are current on your mortgage, and
whether you have enough income to stay current.

Below you will find articles explaining what happens to homes and mortgages in Chapter 7 and Chapter 13, as well as discussing some of the powerful features of Chapter 13 that allow you to remove second mortgages in certain situations. And if you are in the middle of foreclosure, you can find out if bankruptcy can help.

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Your Home in Bankruptcy and How Bankruptcy Impacts Your Mortgage

How to Protect Your Home in Bankruptcy

Learn about the laws that protect your primary residence in bankruptcy.
Can I Keep My Home in Chapter 7 Bankruptcy?

Filing Chapter 7 bankruptcy doesn't necessarily result in the loss of your home. Here's how it works.
How Chapter 13 Bankruptcy Affects Mortgages and Foreclosure

Learn about the options you have for dealing with your mortgage or foreclosure in Chapter 13 bankruptcy, including catching up on arrearages and stripping off junior liens.
What Happens with a HELOC in Bankruptcy?

Debt from a home equity line of credit is discharged in bankruptcy, but the lender may foreclose depending on the circumstances.
Your Home in Bankruptcy: The Homestead Exemption

Learn about an important bankruptcy exemption for homeowners -- the homestead exemption.
Should I refinance before or after bankruptcy?

Learn whether it is better to refinance your mortgage before or after bankruptcy.

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Bankruptcy and Foreclosure

Should You File for Bankruptcy Before or After Foreclosure?

For most people, filing for Chapter 7 bankruptcy before foreclosure is better than the other way around.
Can I File an Emergency Bankruptcy Petition to Stop a Foreclosure Sale?

If you need to stop foreclosure in a hurry, you can file an emergency bankruptcy petition.
Using Bankruptcy When Facing Foreclosure

Learn how filing for bankruptcy affects a foreclosure.

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Common Questions About Homes in Bankruptcy

Should I file for bankruptcy if I have equity in my home?

If you have equity in your home, your state's homestead exemption and your financial circumstances will dictate whether bankruptcy is a good idea.
Should I Still Pay My Mortgage if I'm Filing for Bankruptcy?

If you want to keep your home, you'll want to stay current on your mortgage, even in bankruptcy.
Can Chapter 7 Bankruptcy Save My Home From Foreclosure?

Chapter 7 bankruptcy is usually not the best way to save your home from foreclosure, but it can offer limited help to struggling homeowners.
Can I Eliminate a Second Mortgage in Chapter 7 Bankruptcy?

Usually you cannot strip junior liens, second mortgages, or HELOCs in Chapter 7 bankruptcy. But you might be able to in Alabama, Florida, and Georgia.

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