With Bankruptcy You Can Save Your Home
The foundation of where the American dream is built, is in that important investment of owning a home. A place where we raise our children, enjoying all those precious family moments. A place to build a strong foundation. It is where our hearts reside, home sweet home. Where we unwind, sleep, and live every minute of our lives. Something you want to protect at all costs.
Shame of filing bankruptcy is what many of us endure, when poor credit, overwhelming debt, businesses collapsing, poor investments and financial decisions knock on our doors. People by the many believe a question raised scares them, “Will I lose my home when I file for bankruptcy? Saving the home seems out of the question, while not out of the question is the guilt that is raised when they think of their family’s future and all the overwhelming burdens.
You can successfully salvage your home while filing for bankruptcy and I am here to alert you that saving your home is not out of the question. So many questions are raised regarding the home and bankruptcy, such as how is this possible, and won’t my home be at risk if I file for bankruptcy. People have found that they didn’t have to be subjected to foreclosure when they filed for bankruptcy. Chapter 13 bankruptcy, for example, would bring a good chance of keeping your home and you will be required to continue making mortgage payments, and paying back any missed payments if this applies.
How much equity you have in your home is the first thing you must figure out. Once you do analyze your home’s current worth, subtract what you still owe from that amount. That will decipher your equity amount. If your house is worth $200,000, for example, and you have $185,000 of mortgage loans still owed, $15,000 would be your home equity.
The current federal homestead exemption is $18,450. If you have less than $18,450 in equity, you may be able to keep it. If you have more than the exemption amount, you may be at risk of losing your home. Before filing for bankruptcy it is recommended that you check your home’s worth, amount of equity and proceed from there. Keeping your home is not out of the question and you may be able to keep your home while filing for bankruptcy. Contacting an experienced bankruptcy lawyer should be your first step, once you have your papers in order.
The Law Offices of Macron & Cowhey PC New York City Chapter 13 Bankruptcy Lawyers, visit their website for more information Queens Bankruptcy Lawyers on bankruptcy.
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