Saying that our most important investment is a home would be an understatement. It is where we raise our children and enjoy those precious moments with our family. It is the foundation on which the American dream is built. Not only is it an investment but it is where our hearts reside. It is where we kick up our feet and where we lay our heads. Protecting it is something that we will do at all costs.
Many people with poor credit, overwhelming debt, businesses that tanked, who made poor investments and bad financial decisions, may feel they have to endure shame if they opt to file for bankruptcy. A question gets raised, which frightens people to file for bankruptcy, if their home will be able to be saved. Some think bankruptcy does not allow the saving of their home, and in return questions about their family\’s future and various overwhelming burdens raises guilt.
I am here to tell you that saving your home is not out of the question and you can successfully salvage your home while filing for bankruptcy. This raises the question \”How is that possible? Isn\’t my home at risk if I file for bankruptcy?\” Most people file for bankruptcy in an effort to save their home from going into foreclosure. If you are filing for Chapter 13 bankruptcy, there is a good chance that you will be able to keep your home because you will be required to continue making mortgage payments as well as paying back payments if you have missed any.
There are first steps in dealing with bankruptcy and your home. First you have to figure out how much equity you have in your home. When you have reached this answer, subtract the amount still owed from that amount. This will tell you the amount of equity you have. If you have $185,000 worth of mortgage loans owed, and your house is worth $200,000, $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.
To find out more about Queens Bankruptcy Lawyers, being able to keep your home when filing bankruptcy Queens Chapter 13 Bankruptcy Lawyers visit our website today.
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