Can I Keep My House?
One of the most common questions I receive from people thinking about bankruptcy is, "Can I keep my house?" The answer to this question depends on the type of bankruptcy you file, on your assets and debts, on the status of your mortgage, and on several other factors. As a bankruptcy lawyer, I try to help people keep their homes whenever possible. However, I also try to be honest and straightforward. Clients know that I will tell them the truth if keeping the home is not in their best interests.
Call the Law Offices of Jonathan Leventhal at 818-456-0397 for a free initial consultation.
Los Angeles-area Bankruptcy Lawyer
I am a bankruptcy attorney in Woodland Hills, California. My firm, the Law Offices of Jonathan Leventhal, handles bankruptcy cases almost exclusively. This means that clients receive knowledgeable counsel and representation based on my extensive experience in this area of the law. I am able to advise clients quickly about the likelihood of keeping a home.
What Determines Whether I Can Stay in My House?
- Exemptions: In California, the equity in your house is exempt or protected from creditors up to a predetermined amount.
- Currency of mortgage: You can either reaffirm the mortgage (or just keep making payments, depending on the judicial district where you live). However, if you are not able to make payments or are many months behind in paying your mortgage, you may not be able to keep your house.
- Type of bankruptcy: Chapter 7 bankruptcy liquidates your assets to repay a portion of your debt. If your equity in the house exceeds the exemption, the trustee may elect to sell your house. In Chapter 13 bankruptcy, your mortgage debt can be included in your repayment plan if it appears you can pay both the arrearage and make ongoing payments.
- Foreclosure: If you have already received a foreclosure notice, filing Chapter 7 bankruptcy may only delay or freeze the process with an automatic stay, unless you can make your delinquent payments right away. If you are able to file Chapter 13 and make the necessary payments, you will probably be able to keep your house.
Contact the Law Offices of Jonathan Leventhal. Call my Los Angeles-area office at 818-456-0397 to speak with an attorney about keeping your home during bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
