' Can I Lose My House If I File for Bankruptcy - Law Offices of Robert M. Geller, P.A.

Can I Lose My House If I File for Bankruptcy

can I lose my house if I file for bankruptcyThe potential loss of your house when filing for bankruptcy depends on various factors. These include the type of bankruptcy you file, the equity in your home, and the exemptions available in your state.

It’s important to know what you can expect before filing. In general, here’s what you need to know:

Chapter 7 Bankruptcy

In Chapter 7 bankruptcy, also known as liquidation bankruptcy, non-exempt assets may be sold to repay creditors. However, many states offer exemptions that protect certain property types, including a primary residence, up to a certain value.

If you have significant equity in your home that exceeds the exemption limit, there’s a risk that you may have to sell your home to satisfy your debts. If you’re current on your mortgage payments and can continue to afford them, you may be able to keep your home. One way to do this is by reaffirming the mortgage debt and continuing to make payments.

Chapter 13 Bankruptcy

In Chapter 13 bankruptcy, also known as reorganization bankruptcy, you can keep your property. This includes your house, as long as you continue to make payments according to a court-approved repayment plan.

Chapter 13 allows you to catch up on missed mortgage payments over time while keeping your home. However, you must have a regular income to qualify for Chapter 13 bankruptcy.


Each state has its own set of exemptions that determine which assets you can keep when filing for bankruptcy. Some states have generous homestead exemptions that protect a significant amount of equity in your primary residence. If your home equity falls within the exemption limit, you can typically keep your home.

Mortgage Arrears

If you’re behind on your mortgage payments and facing foreclosure, bankruptcy can provide a temporary halt to foreclosure proceedings through an automatic stay. Chapter 13 bankruptcy allows you to catch up on missed payments over time. This can save your home from foreclosure.

Consultation with a Bankruptcy Attorney

If you’re considering bankruptcy and are concerned about losing your house, it’s crucial to consult with a knowledgeable bankruptcy attorney. An attorney will:

  • Evaluate your financial situation
  • Explain your options
  • Help you determine the best course of action to protect your assets

Overall, while filing for bankruptcy can have implications for your home ownership, the specific outcome will depend on several factors. If you’d like to learn more about protecting your home or you’re ready to get started with filing, contact the Law Offices of Robert M. Geller at (813) 254-5696 to schedule a free consultation with an experienced attorney.


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Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
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