9/07
Can I keep my house?
Can you afford it? If so, then the answer is almost always yes.
If you are current -- and keep current -- on payments and have less than $15,000 equity in your Missouri home, you should be able to keep it. That is true in either Chapter 7 or Chapter 13. The lender may ask for a reaffirmation agreement in certain situations.
If you have more than $15,000 of equity in your Missouri homestead, you may need to file a Chapter 13 Plan instead of straight Chapter 7 bankruptcy.
The home equity amount protected can be different if you have moved to Missouri from another state in the last three years.
If you are behind on payments, a Chapter 13 may be necessary to cure the missed payments in the repayment program. And you need to be able to keep making the regular payments. We typically have no tools available to change your monthly payment obligation -- so if you can't afford the mortgage and the mortgage lender won't or can't change your loan terms, then you may not be able to afford the house.
If you are current -- and keep current -- on payments and have less than $15,000 equity in your Missouri home, you should be able to keep it. That is true in either Chapter 7 or Chapter 13. The lender may ask for a reaffirmation agreement in certain situations.
If you have more than $15,000 of equity in your Missouri homestead, you may need to file a Chapter 13 Plan instead of straight Chapter 7 bankruptcy.
The home equity amount protected can be different if you have moved to Missouri from another state in the last three years.
If you are behind on payments, a Chapter 13 may be necessary to cure the missed payments in the repayment program. And you need to be able to keep making the regular payments. We typically have no tools available to change your monthly payment obligation -- so if you can't afford the mortgage and the mortgage lender won't or can't change your loan terms, then you may not be able to afford the house.
