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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Is it possible to file bankruptcy and keep your house along

Resolved Question:

Is it possible to file bankruptcy and keep your house? along with that if you file and keep your house is it possible to clear pirvat student loans with that. or is it better to file on your house, and credit cards to make room to pay your private student loans.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Yes, many debtors keep their home when filing bankruptcy.
You need to stay current on the mortgage payments. You also cannot have too much equity in the home. Each state has it's own exemptions to protect a homestead interest in their home. Google your state and "bankruptcy exemptions" to find a list by you.
Educational debts, however, are not dischargeable in bankruptcy, unless you can prove to the court that they are an undue hardship for you to repay....very hard burden of proof. (I've only seen 2 in 11 years)
Credit cards, medical bills are dischargeable though in chapter 7.

You can surrender your home if you no longer want it as well, and the mortgages will be discharged in the case.
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