Leventhal Law Group, P.C., in Woodland Hills, California, serves clients in the San
Fernando Valley area. Communities include Northridge, Van Nuys, North Hollywood,
Encino, Santa Clarita, Valencia, Palmdale, Lancaster, Mission Hills, Thousand Oaks,
Simi Valley, Calabasas, Canoga Park, Chatsworth, Porter Ranch, Reseda, Tarzana, Malibu
and counties that include Los Angeles County and Ventura County.
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 Leventhal Law Group, P.C. at 818-347-5800 for a free initial consultation.
Los Angeles-area Bankruptcy Lawyer
I am a bankruptcy attorney in Woodland Hills, California. My firm, the Leventhal
Law Group, P.C. , 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
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.