Question: We live in Forsyth County and need to know if we can keep our house if we file for bankruptcy.
I have heard people say that if you file for bankruptcy you can't keep your house. But my friend at work said that if you file bankruptcy you can keep your house.
Basically, my story revolves around some bad decisions and bad luck. I quit my job to start my own company. We were planning to open an Italian restaurant in Cumming and then to franchise it. I really like pizza, spaghetti and a lot of our Italian dishes. I even have a menu collection of my favorite Italian restaurants. So it seemed like a great idea when my wife said we should open our own pizza joint. She used to be a waitress at a pizzeria in Cumming.
The problem is that we really didn't have enough money to open a restaurant so I put a lot on credit cards and got some personal loans. We opened the restaurant finally but it just didn't work out. So we weren't making any money; we were actually losing money.
So I started gambling on the internet. I did a lot of sports betting on the NFL and college football. I lost a lot of cash.
Now we need to file bankruptcy but we want to keep our home. Please tell me if we can keep our house even if we file bankruptcy? I need to know now because we're being sued by 6 creditors.
Answer: Most people are able to keep their house if they file bankruptcy. If the house has substantial equity, that may cause someone to file a chapter 13 bankruptcy and not a chapter 7. But if the house has only modest equity or is "underwater," then it will not prevent someone from filing a chapter 7 bankruptcy. Obviously, a good Cumming bankruptcy lawyer will make sure that your house is not put in jeopardy.
Interestingly, filing bankruptcy is a strategy that some people use to keep their homes. For instance, if a homeowner is in arrears on the mortgage, a chapter 13 bankruptcy allows the homeowner to put the mortgage arrears into the bankruptcy and pay them off over 5 years.
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