Will I Lose My House If I File for Bankruptcy?
Bankruptcy can be a difficult and very stressful time in someone’s life. You will likely have many questions about who retains what assets and lots of legal issues. One of the most frequent questions people have is what happens to their house during a bankruptcy filing?
Learn about the answers from the best Maryland bankruptcy attorney. We intend to shed some light on this topic, courtesy of Baltimore County Maryland Bankruptcy at the Law Offices of Kim Parker. Continue reading to learn more.
Will I Lose My House if I File for Bankruptcy?
Filing a bankruptcy will not necessarily mean that you will lose your house, according to Maryland bankruptcy lawyer, Kim Parker. A few things come into consideration such as if you deemed the house necessary in order to maintain a home or property to live in. If this happens, your trustee cannot sell the house in order to pay your creditors. However, you must continue to pay the mortgage on it even throughout the bankruptcy proceedings.
Will I Lose My House in Chapter 7 Bankruptcy?
In order for a Chapter 7 Bankruptcy to result in keeping your house, you must NOT already be in a state of foreclosure. In Chapter 7, you can retain at least most of your assets that are legally exempt from being a means to pay off creditors.
It is vital to know, however, that Chapter 7 does not include any type of repayment plan. If you are seeking a repayment plan, Chapter 7 might not be the best way for you to go. Your bankruptcy attorney Baltimore MD will explain everything to you in understandable terms. If you want to declare bankruptcy, you should consult the Law Offices of Kim Parker today.
Do not get too overwhelmed with your financial problems and avoid getting to the point of possibly losing your home just because of mismanaging your bankruptcy case. If you want to declare bankruptcy, you should consult the Law Offices of Kim Parker today. A special Chapter 7 bankruptcy attorney Baltimore Maryland can help you file your Chapter 7 bankruptcy at an affordable amount of $750.
Will I Lose My House in Chapter 13 Bankruptcy?
If you really want to keep your home in a bankruptcy proceeding, then Chapter 13 is the way to go. In this case, you are able to keep all property owned by yourself. Please know, however, that you will pay for it by securing your properties. Bankruptcy under Chapter 13 does not allow you to skate on the payments.
The rules say that you have permission to protect a specific amount of equity needed by yourself to maintain your home and job. But you will make monthly payments to your legally designated trustee for anywhere between three and five years. You need to speak to the Law Offices of Kim Parker, an experienced Baltimore Chapter 13 bankruptcy attorney immediately if you are facing this situation.
How Can the Baltimore Maryland Bankruptcy Attorney Help You?
At the Law Offices of Kim Parker, we have experience with all matters concerning the various bankruptcy proceeding. This includes all pertinent laws, regulations, and conditions. We will explain everything to you in such a manner that you will understand it. It is okay if you do not live in or near Baltimore, Maryland. We can handle all aspects of your case remotely. When the time for court appearances comes, your representative will be at your side and ready to fight for you. Do not waste any time, call us today!