What Happens to My House if I File for Bankruptcy?
This is the very first question that comes to every individual's mind while filing for bankruptcy and why not! A house is where you get shelter and security. Finding an answer to this critical question is one of the foremost steps while filing for bankruptcy. Don't worry; we are here to help you through this detailed article. Whether you can keep your house or not depends solely on the individual's financial arrangements. But the good news is that there are various options through which you can keep your house while filing for bankruptcy. You get to keep your home in bankruptcy depending on certain factors such as the value of the property, the amount of mortgage outstanding, and the household income & expenses. The next thing that matters is whether you are filing for bankruptcy under Chapter 7 or Chapter 13. In Chapter 13, you will get to keep all of your properties, whereas, in Chapter 7, you may or may not lose property which isn't protected by an exempt...