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Roger
Roger, Attorney
Category: Bankruptcy Law
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I am filing bankruptcy because my work has decreased and I ...

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I am filing bankruptcy because my work has decreased and I can no longer stay on top of things. my home will be in forclosure because I can no longer make payments and they have increased substantially because of what''s happening in the market. can I file a homestead to keep my home at minimal cost?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 8 years ago.

You do have a homestead exemption that allows you to keep your house during bankruptcy. However, this exemption does not prevent the lender from foreclosing on the home if you default on the note. The lender will request that the automatic stay be lifted against it's lien, and when this is allowed, the lender will proceed with foreclosure.

You can certainly offer to re-negotiate and re-affirm the debt after you file bankruptcy, but the bank is not required to allow you to do this. It can refuse and foreclose.

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