Can I Keep My House In Stockton Or Tracy?
There are many variables that will affect the answer to the question of, “Can I keep my house when I file bankruptcy in California?” Much will depend on the amount of equity you have in the house, the status of your mortgage payments (are they up to date?) and whether or not it really makes sense for you to attempt to stay in your house.
When you consult with an attorney at Bird & Van Dyke, Inc. – A Professional Law Corporation about bankruptcy or foreclosure, we are likely to ask you questions such as these:
- Do you have equity in the house?
- Can you keep up with mortgage payments?
- Is there a second mortgage to deal with?
- Are you expecting to file Chapter 7 or Chapter 13 bankruptcy?
Do You Have Equity?
If you have equity in your home, you need to know California allows a homestead exemption ranging from $75,000 to $175,000 depending on your marital status, age and income. Many of our clients have been able to complete a Chapter 7 or Chapter 13 bankruptcy and keep their homes by applying the homestead exemption.
Are You Behind On Mortgage Payments? Can You Keep Up With Them Now?
If you are behind on your mortgage payments but can keep up with current payments, you may be able to repay the arrearage slowly over three to five years by filing Chapter 13 bankruptcy.
How Has The Economy Affected Your Home’s Value?
If your mortgage is upside-down (you owe more than the house can be sold for in today’s market), a Chapter 13 bankruptcy may allow you to restructure your mortgage. Through Chapter 13 you may be allowed to strip second loans from your home and/or be allowed to pay back mortgage arrears over a period of three to five years so you can catch up on your payments.
Is Foreclosure In The Works?
If foreclosure is already underway, you can stop the foreclosure by filing bankruptcy right away. In this case, your ability to keep your home may rest on your ability to keep up with current and future payments.
Our Attorneys Can Help You Review All Your Options
To speak with a lawyer about how to prevent foreclosure by filing bankruptcy, contact Bird & Van Dyke. We have offices in Tracy (209-390-8834) and Stockton (209-390-8877). Foreclosure defense attorneys at Bird & Van Dyke, Inc. – A Professional Law Corporation can address all relevant issues that pertain to your situation and advise you on how to act to protect your home.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.