How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TJ, Esq. Your Own Question
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11660
Experience:  JD, MBA
Type Your Bankruptcy Law Question Here...
TJ, Esq. is online now
A new question is answered every 9 seconds

Can I file a Chapter 7 and keep my house

Resolved Question:

Can I file a Chapter 7 and keep my house?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.
Hello and thank you for allowing me the opportunity to assist you.

You can only keep your house in a Chapter 7 if the lender agrees to let you reaffirm the debt, or if the lender allows a "ride-through," which is where the debt is discharged, but the lender does not foreclose if your payments are current. In either case, you have to be able to make your monthly payments. A Chapter 7 is not as helpful in keeping a house as a Chapter 13 because in the latter, the creditor has no choice. In a Chapter 7, the lender does have a choice. Plus, in a Chapter 13, the lender cannot require that arrears be immediately paid, while the lender can do that in a Chapter 7.

Have I satisfactorily addressed your concerns? If not, then feel free to let me know, as I will be happy to clarify my answer or help with your follow-up questions. In the meantime, please remember to click the green accept button so that I will receive credit and compensation for my time (doing so does not end our session). Positive feedback is always appreciated as well. Thank you and good luck!
TJ, Esq. and 5 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions