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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12369
Experience:  JD, MBA
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Can I file a Chapter 7 and keep my house

Resolved Question:

Can I file a Chapter 7 and keep my house?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 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.

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