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Category: FAQs

Can I Sell My House After Filing For Bankruptcy?

Yes, but there are considerations.  In Chapter 7, if you wait until after your Section 341 Meeting of Creditors and the bankruptcy trustee files their Report of No Distribution, you have every right to sell your property.  It was disclosed in the bankruptcy filing, the trustee had an opportunity to investigate and liquidate the property Read More »

Can Bankruptcy Remove A Judgment Lien From My Home?

It is possible to remove a judgment lien from your home in bankruptcy, but it will depend on the equity you have in the home.  If the value of the home is less than the total balance of any liens on the home in front of the judgment creditor, usually a mortgage, second mortgage or Read More »

Can Bankruptcy Stop A Foreclosure Sale?

The short answer is yes, so long as the sale has not occurred yet.  Filing for bankruptcy protection will trigger the Automatic Stay of Bankruptcy, which is a powerful injunction that stops most collection actions, including foreclosure lawsuits.  How long this is effective will be determined by which chapter of bankruptcy you file.  Please note Read More »

What Happens To My Second Mortgage In Bankruptcy?

To effectively answer this, you must first determine if there is any equity in the property for the second mortgage to attach to, which is very simple.  If the value of the property is less than any liens against the property ahead of the second mortgage, almost always the first mortgage and often IRS tax Read More »

Can I Keep My Home If I Am Behind On My Mortgage?

The short answer is yes, most people who file for bankruptcy can keep their home, but there are again multiple factors to take into account. In Chapter 7 bankruptcy, your mortgage is substantially unaffected by the filing.  You have the right to surrender your interest in the home and allow the mortgage to foreclose on Read More »

Can I Keep My Home If I File for Bankruptcy?

The vast majority of people who file for bankruptcy protection are able to keep their homes. They are able to do so because, given their circumstances, they select the right chapter of bankruptcy to file, treat the debt on the property appropriately, and claim their exemptions correctly. The guidance of an experienced bankruptcy attorney will Read More »

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