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 »
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 »
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 »
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 »