I want to keep the house

Question: I need to know if I file bankruptcy can I keep my house. I want to keep my house because I live there with my wife and our four kids. But I need to get out of debt because things have gotten out of control.

My credit cards are totally charged and I need to address that issue as soon as possible. I am barely making the minimum payments and I don’t think I can keep that up.

I lost my job in construction and I have another one now in real estate. I think I can make decent money in real estate but it will take some time. I work for an office in Alpharetta and I’m selling both residential and commercial properties with a friend, although I have to specialize in one or the other soon.

I’m still paying on my student loans but I owe over $100,000 because I was in chiropractor school and that’s very expensive. I have a car payment for my BMW and my wife has a Mercedes but they are both form the 1990’s, so there’s not much value in either car.

But I want to keep the house. We don’t have any equity in it but we like it. So I want to know if we can keep the home even if we file for bankruptcy.

D.M. in Johns Creek, GA

Answer: From what you describe, you should be able to keep your house. The fact that you have no equity means that you should not have a major problem keeping the home. Many people keep their home even if there is equity in the property.

Even if you did have equity, even substantial equity, you could still likely maintain it by filing a chapter 13 bankruptcy. But from what you describe, it very much sounds like you can file a chapter 7 and keep your house.

As bankruptcy lawyers, we frequently are asked about keeping a home when filing. Call us and we can talk about your specific situation and we will go over all of your options.

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