Saying that our most important investment is a home would be an understatement. It is where we raise our children and enjoy those precious moments with our family. It is the foundation on which the American dream is built. Not only is it an investment but it is where our hearts reside. It is where we kick up our feet and where we lay our heads. Protecting it is something that we will do at all costs.
Shame of filing bankruptcy is what many of us endure, when poor credit, overwhelming debt, businesses collapsing, poor investments and financial decisions knock on our doors. People by the many believe a question raised scares them, \”Will I lose my home when I file for bankruptcy? Saving the home seems out of the question, while not out of the question is the guilt that is raised when they think of their family\’s future and all the overwhelming burdens.
You will be pleased to learn that it is not out of the question to save your home and you can do this successfully when filing for bankruptcy. \”How is that possible?\” you may ponder. \”Bankruptcy won\’t put my home at a risk?\” In an effort to save their homes from reaching foreclosure, many people will file for bankruptcy. With Chapter 13 bankruptcy filing, a good chance will be that you will be able to keep your home, yet still be required to continue with mortgage payments as well as paying back payments if any were missed.
There are first steps in dealing with bankruptcy and your home. First you have to figure out how much equity you have in your home. When you have reached this answer, subtract the amount still owed from that amount. This will tell you the amount of equity you have. If you have $185,000 worth of mortgage loans owed, and your house is worth $200,000, $15,000 would be your home equity.
If you have less than $18,450 in equity, as this is the current federal homestead exemption, you may be able to keep it. A risk of losing your home may occur you have more than this exemption amount. As stated earlier, first check your home\’s worth, the amount of equity, and then you should proceed with filing for bankruptcy. You may be able to keep your home, this is not out of the question, and experienced bankruptcy attorneys, once you have your papers in order and retain them, would be the best step you can take.
Save your home while filing for bankruptcy New York City Bankruptcy Attorneys, the Law Offices of Macron & Cowhey Queens Bankruptcy Law Firm can help.
Topics: queens bankruptcy lawyers, Real Estate, queens bankruptcy law firm, bankruptcy law firm