G**Y
发帖数: 33224 | 5 The type of bankruptcy you file: There are two types of bankruptcies to
choose from: chapter 7 and chapter 13. There are many differences between
the two, but the major difference has to do with the exemptions to which you
are entitled. The federal government assumes that everyone tries to pay off
their debt, and that if someone has excessive property they should sell it
to pay off their debt. However, bankruptcy is designed to give you a fresh
start, not to leave you impoverished, and the federal and state governments
often have exemptions. This means that if your property is worth less than a
particular dollar amount, you can keep it. In general, Chapter 7 exemptions
are much lower, stricter, and offer less flexibility than chapter 13
exemptions. So if you file a chapter 13 bankruptcy, you are much more likely
to keep your house than if you file a chapter 7.
How much equity you have in your house: Don't worry, chapter 7 filers, there
are still ways you can keep your house. When deciding whether your house is
exempt under chapter 7, the trustee only considers the equity in your house
. Equity is the market value of your house minus the balance on your
mortgages or home equity loans. Many bankruptcy filers have little or
negative equity in their houses, so their houses are exempt and need not be
sold in the bankruptcy process. However, if you have equity in your home
over the exemption limit, you may be forced to sell your house to pay your
debt or "buy it back" by paying the trustee the value of your house.
Whether you can afford your mortgage: Assuming you kept your house
throughout the bankruptcy process, after the bankruptcy you are free to keep
your home as long as you continue to pay the mortgage. It may be that after
you are free of all the rest of your debt you will be able to afford the
mortgage payments easily. If so, you'll be able to keep your house.
However, if your income will not allow you to make your mortgage payments,
the bank may eventually foreclose on your home. Bankruptcy filers in this
situation must carefully consider whether they want to keep their home,
since bankruptcy gives them a unique opportunity to just walk away from the
house and mortgage with no additional consequences, in most cases. It may
also be easier to get your financial life under control if you are not
burdened by large monthly mortgage payments.
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