Is Chapter 7 Right for You? Part Two
How Can I File Chapter 7 and Keep My House?
Being able to keep your house after filing Chapter 7 bankruptcy is a thing! However, it is important that you meet with an experienced bankruptcy attorney to make sure that your home or other real property can be protected before moving forward with filing Chapter 7.
What is Real Property?
Your real property includes your house, timeshare, and land that you own. Even if you own the property jointly with someone else, it could impact whether or not a Chapter 7 is right for you.
For example, real property that you own would include:
- A house or land that you own jointly with a spouse or other person
- A timeshare that you co-signed for and own jointly with another person
- A home or land that you inherited along with other people.
How do you determine exactly what can be protected?
There are exemptions available to protect your home and other real property that you own up to a certain amount. Exemptions are laws that protect your property.
There are state laws available to protect your real property if you file Chapter 7.
However, it is important to meet with an experienced bankruptcy attorney to determine if your home or other real property can be fully protected under the available exemptions or if filing Chapter 7 would put your property in danger.
At a free consultation, Financial Freedom Legal gathers information about the real property that you own, determine the value of that property, and identify laws that can be used to protect your property. We can then talk to you about whether or not your home or other real property can be protected if you file Chapter 7.
Should I file Chapter 7 alone?
Absolutely not! It is definitely possible to file Chapter 7 and keep your house. However, your ability to keep your home and other real property will be dependent on a variety of factors, including the type of property, the value of the property, and the laws that are available to protect the property.
You don’t have to navigate this alone. At Financial Freedom Legal, we are happy to meet with you for a free consultation via telephone, virtually, or in-person. Let us help you determine if Chapter 7 is right for you!
