Your Home in Chapter 7 Bankruptcy
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If you own a home, it's important to know what will happen to that home if you file for Chapter 7 bankruptcy. Many homeowners contemplating bankruptcy have questions such as:
- Will the Chapter 7 bankruptcy trustee sell my home to pay my creditors?
- What are my options for dealing with my mortgage in Chapter 7?
- How else can Chapter 7 help if I'm having trouble making my mortgage payments?
The below articles provide answers to these questions and more. To learn more about how Chapter 7 can help with foreclosure, visit our Bankruptcy & Foreclosure section.
Get the basics on how a Chapter 7 bankruptcy works and how it may affect you as a homeowner.
What happens if you own a house and file for Chapter 7 bankruptcy?
Learn about the sale process if the bankruptcy trustee sells your home in Chapter 7.
Find out if you can keep your home and equity in a Chapter 7 bankruptcy.
In many cases you can keep your home in Chapter 7 bankruptcy. Learn more here.
If the bankruptcy trustee abandons your home, you get to keep it. Find out when this might happen.
If you own an expensive house and file for Chapter 7 bankruptcy, the amount of the mortgage and the homestead exemption in your state will determine if you can keep it.
If you don't have a mortgage, you can keep your home in Chapter 7 bankruptcy if your equity is exempt. Learn more.
If you don't want, or cannot afford, to keep your home, you can surrender it in Chapter 7 bankruptcy.
If you have no equity in your home, you can keep it in Chapter 7 bankruptcy.
What happens to HOA dues in Chapter 7 bankruptcy depends on whether you plan to keep or surrender your home.
For most people, their mortgage is their biggest debt. Find out how a Chapter 7 bankruptcy affects it.
Although Chapter 7 bankruptcy gets rid of your personal liability on your mortgage, the lender can still foreclose if you stop paying.
You cannot lower your mortgage payment with Chapter 7. But there are some nonbankruptcy options to reduce your mortgage payment.
Chapter 7 bankruptcy can temporarily delay foreclosure. If you want to permanently save your home, however, you'll have to consider other options.
If you live in Alabama, Florida, or Georgia, you might be able to get rid of junior mortgages in Chapter 7 bankruptcy.
Chapter 7 can delay foreclosure, but doesn't provide a permanent solution. It might help you in other ways, however.
Visit Nolo's Bankruptcy & Foreclosure section for articles on saving your home with Chapter 13, delaying foreclosure with Chapter 7, and more.
The homestead exemption can help protect home equity when you file for bankruptcy. Learn how it works and what your state's exemption protects.
Learn about the homestead exemption in general and get information on the homestead exemption in each of the 50 states.
Coming up with the correct home value can be important in Chapter 7.
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