Tuesday, January 5th, 2010

If you file for bankruptcy will you lose your house? Or will you not know till you get out of court?

Get Out Of Debt
needing help asked:


Then if the judge says you lose your house can you back out since I am still paying all the credit cards on time? Or once you are in court there is no turning back. I have worked 2 jobs over 15 years but am losing the battle and don’t see ever paying off all the debt because they keep making the apr too high and unfair.

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3 Responses to “If you file for bankruptcy will you lose your house? Or will you not know till you get out of court?”

Paul Zucchini Says:
January 6th, 2010 at 9:14 am

If you have a mortgage on the house, you have to pay that. If you don’t, the lender will foreclose. And you lose the house.

If your house is 100% paid for, then you can keep it through a bankruptcy.

Talk to a lawyer first, before you go to court. He will know all the rules and tactics.

Good luck.

Twitter Bird Says:
January 8th, 2010 at 4:48 pm

In some states your primary home is a protected asset & you are not required to include it in bankruptcy. Also it makes a difference if you file CH13 or CH7 bankruptcy how it is handled.

You should have an attorney review your situation.

Have you contacted the debt holders and requested reduced APR. Tell them that you were handling the bills before the APR increase, but this is tipping you over the edge towards not being able to pay. See if they will reduce the rate to a manageable level.

David Says:
January 11th, 2010 at 5:40 pm

See the affiliated site is an Experian company BBB approved so very safe.
They might or they might not have you on but if they do they’ll pay your debt off and then you pay them.
Hope it works out.

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