Can I Keep My House In A Bankruptcy?

Being in debt can be difficult in so many ways. The stress can affect your health, your family relationships, your job performance and numerous other areas of your life. The cause of debt could be a job loss or business problem, a divorce, an illness or another serious setback.

For struggling homeowners, one of the most frightening feelings is the fear of losing their house. Your home may represent your place in the community, stability for your family, years of memories, and significant financial investments you've made over time. But can you afford to keep it, and can bankruptcy help?

Questions About Debt Relief, Bankruptcy And Mortgages

If you are considering bankruptcy as an option for debt relief, you may already know that a Chapter 7 or Chapter 13 filing could make a world of difference in relieving your burden. But you may wonder if it is possible to keep your home if you file.

The answer will depend on your financial situation – the kinds of debts you have, your mortgages, your income and more. At the Nashville law firm of Lefkovitz & Lefkovitz, we understand the challenges of bankruptcy and homeownership. Our attorneys can evaluate your debts and look at how your home fits into the bigger picture explain your options. We can answer your questions about:

  • Using Chapter 13 to stop a foreclosure sale of your house
  • How bankruptcy can help you deal with mortgage arrears
  • Strategies for approaching first and second mortgages
  • Loan "stripping" or changing the terms of a loan
  • Filing Chapter 7 to discharge debts that may be more problematic than your mortgage
  • Whether your house is affordable in the long term, based on your income
  • Credit card debt, medical bills and loan balances
  • Tax debt and student loans

Talk To A Knowledgeable Lawyer About Keeping Your House In Bankruptcy

Every set of circumstances is different. Our firm concentrates on Tennessee bankruptcies — and we are known for solving even the most complicated debt problems. Contact Lefkovitz & Lefkovitz today for a free consultation about bankruptcy, mortgages and other important concerns.