CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Can Filing for Bankruptcy Help You Protect Your House?

fihow to file bankruptcy and keep your assetsHow filing for bankruptcy affects your home is one of the greatest concerns people have when they consult with bankruptcy attorneys. An attorney helps you learn how to file for bankruptcy and keep your assets and ensures that whatever protections available are applied to your home.

Whether you are faced with foreclosure or hoping to prevent falling behind on your mortgage due to credit card or other types of debt, here’s what you need to know.

Benefits of the Automatic Stay

One of the most exciting aspects of filing for bankruptcy and protecting your assets is the automatic stay. The automatic stay puts debt collection efforts on hold. This means you’ll have time to regroup and think about the best way to proceed.

Keep in mind, the automatic stay only offers temporary relief from foreclosure actions. The lender can request the court lift the automatic stay and allow foreclosure proceedings to move forward.

This means you’re still at risk of eventually losing your home, but the automatic stay gives you time to determine whether Chapter 13 or Chapter 7 is your best option.

To learn more about the benefits of the automatic stay, check out this information from Bankrate.

Chapter 7 Bankruptcy Protection for Your Home

Chapter 7 allows you to protect the equity you have in your home, but you’ll need to catch up and remain caught up on mortgage payments. If you’ve fallen behind, Chapter 7 is unlikely to protect your home from foreclosure.

In most cases, when you file for Chapter 7 bankruptcy, the trustee will liquidate your assets and distribute the proceeds to your creditors. Bankruptcy laws protect some property from creditors via exemptions. If you’re able to exempt the equity in your property, the trustee won’t be able to take it, but there are limits to how much you can exempt.

Chapter 13 Bankruptcy Protection for Your Home

Chapter 13, on the other hand, offers more protection for your home from foreclosure. It’s especially helpful if you’ve fallen behind on mortgage payments.

People current on their mortgage payments who can cover their equity with bankruptcy exemptions don’t need to worry at all. You must be able to pay the value of any nonexempt equity to creditors in your Chapter 13 plan. You can file bankruptcy and keep your assets as long as you meet you obligations.

To establish a payment plan for your debts, you’ll need to prove you have sufficient income to meet your monthly house payment, your nonexempt equity, and all other required debt payments throughout your three to five-year repayment plan.

This is the best thing about Chapter 13 and your mortgage. If you’ve fallen behind, Chapter 13 allows you to catch up via your plan. You and your attorney will discuss your income and your assets. Together, you’ll determine if there is a way to protect your home when you file.

An Experienced Bankruptcy Attoney Helps You Figure Out How to File Bankruptcy and Keep Your Assets

If you’re like most people, your home is your most significant asset. This means it’s important for you to do all you can to protect it when you file for bankruptcy. Even a simple mistake could put your home at risk when you file, so it’s important to work with an expert who understands asset protection, exemptions, and anything else that applies to your financial situation.

If you’d like to talk about how to file bankruptcy and keep your assets or the best way to protect your home when you file for bankruptcy. Contact the Law Office of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Are Medical Issues Forcing You Into Bankruptcy?

Many Americans wind up in debt because of medical bills. One of the most common reasons for filing bankruptcy in...
Read More

Law Offices of Robert M. Geller, P.A. Congratulates Danielle Austin For Receiving the Patriot Award from the United States Department of Defense

Award Recognizes Support of Guard and Reserve Members Who Work for the Organization Tampa, Florida, June 29, 2021 – The...
Read More

Is Your 401k or Other Retirement Savings at Risk in Bankruptcy’s Liquidation of Assets?

If you’ve spent years saving for retirement, putting that money at risk when you file for bankruptcy is likely one...
Read More

Tips to Help You Protect Your Assets When You File for Bankruptcy

One of the most intimidating aspects of filing for bankruptcy is protecting your assets. Worrying about whether bankruptcy puts their...
Read More

How Does Bankruptcy Affect Vehicle Ownership? What Assets Can You Keep through the Bankruptcy Process and Does It Affect Your Car?

Many people struggling financially avoid filing for bankruptcy because of concerns about losing important assets like their vehicles. The good...
Read More

Is There a Legal Way to Hide Assets When You File for Bankruptcy?

Filing for bankruptcy can be an overwhelming experience. The relief you receive when you file helps you feel better about...
Read More

Do Bankruptcy Trustees Take Your Savings? What is Considered an Asset in Bankruptcy and How Does It Affect the Money You’ve Saved?

Bankruptcy trustees gain access to a variety of your assets when you file. But what is considered an asset in...
Read More

Can Filing for Bankruptcy Help You Protect Your House?

fiHow filing for bankruptcy affects your home is one of the greatest concerns people have when they consult with bankruptcy...
Read More

Should I Refinance a Student Loan I Can’t Discharge in Bankruptcy?

Student loan debt is overwhelming many people. Could refinancing be the answer to help you avoid bankruptcy if your student...
Read More

Can Student Loan Consolidation Help You Avoid Bankruptcy?

One of the most common questions people have when they consider bankruptcy is “can student debt be discharged in bankruptcy?”...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions