In many cases you can file bankruptcy and keep your home and keep your car if you claim bankruptcy. For over half of the people we meet with a bankruptcy is NOT necessary; a consumer proposal is a better solution and even if you do file bankruptcy, we still offer alternatives.

Can I keep my house and car during bankruptcy?

Filing for bankruptcy does not relieve you of secured debts unless you agree to surrender the property that serves as collateral for the loan. Consequently, victims of bankruptcy can only keep their house and car if they can still afford to make the monthly payments on the loans.

Can You Keep your property if you file bankruptcy?

Whether you can keep your property in bankruptcy depends on whether you file for Chapter 7 or Chapter 13 bankruptcy. For the most part, you keep your property in Chapter 13 bankruptcy. If you file under Chapter 7, you may have to give up some property (although many filers keep most, if not all, of their property).

Can a chapter 13 bankruptcy Help you Keep Your House?

The negotiation helps reduce the chance you will lose your house during bankruptcy. If you are facing foreclosure or you are behind on your house payments, a Chapter 13 bankruptcy can help you keep your home. In your Chapter 13 repayment plan, you pay your past due mortgage payments a little each month.

Do You Lose Your House if you file bankruptcy?

In fact, most Chapter 7 filers don’t lose any assets including their house, car, jewelry, and personal possessions. If you have more equity in your house than your exemption protects, don’t count all as lost. Your bankruptcy attorney may be able to protect your home equity with another exemption or tenancy by the entireties laws.

Do you have to sell your home in bankruptcy?

If you own the home you live in, the official receiver or bankruptcy trustee may want to sell it to help pay your bankruptcy debts. This applies whether your home is freehold or leasehold, and whether you own it on your own or jointly with another person.