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Is Your Home Secure During Chapter 7 Bankruptcy?

December 29th, 2013 · No Comments

Minnesota Bankruptcy Attorneys at Behm Law Group, Ltd.

One of the biggest fears people have about filing for bankruptcy is the belief that they will lose their home if they file. It’s a valid concern, but it’s a consideration that can be rather complicated and depends on your particular situation as well as the law as it applies from state to state.

When it comes to Chapter 7 bankruptcy, your home is generally considered “safe,” provided you’re current and up-to-date on your mortgage payments. Further, if you owe more on your mortgage than your home is actually worth, there’s no value or money readily available to the trustees by selling your home, something to keep in mind when considering Chapter 7 bankruptcy.

Declaring Chapter 7 bankruptcy does offer certain protections, but it’s important to remember that ultimately your mortgage lender still holds a security interest on your loan. Stay on top of your mortgage obligations, and you’ll be in a much better position to keep your home during Chapter 7 bankruptcy.

As with all bankruptcy laws, home security during bankruptcy carries a laundry list of legal stipulations and “legal speak” that’s best handled by the professionals. However, your home does carry with it certain bankruptcy provisions that you shouldn’t cast aside without proper consultation.

Behm Law Group, Ltd. specializes in bankruptcy protection for your home and other secured assets. If you’re located in Mankato, MN or Southern, MN or surrounding areas, and you’re facing bankruptcy and all the uncertainty it entails, you should call upon the bankruptcy attorneys at Behm Law Group, Ltd. to discuss your bankruptcy options. Don’t lose sleep about losing your home for one more night. Contact Behm Law Group, Ltd. today.

Tags: Bankruptcy Attorneys · Behm Law Group · Chapter 7 Bankruptcy ·


 

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