Chapter 7 and Your Home

If you are consideringChapter 7 bankruptcy then you might be worried about losing your home.

If all of the equity in your home is exempt, you will not lose your home even if you are making mortgage payments. Under Chapter 7 bankruptcy, your trustee will allow you to keep some of your property while forcing you to sell off other items. In most states you will be allowed to keep the equity in your home, also known as homestead exemption. Depending on what state you live in, the homestead exemption amount can vary.

It is important to remain current on your mortgage payments, especially if you are considering or have already filed for bankruptcy.

Are you considering bankruptcy as an option to keep your home safe from foreclosure? If so, you need to contact a Chicago bankruptcy attorney today to learn more about your legal rights and what steps you need to take to file.