Legal Question in Bankruptcy in Connecticut
Will I lose my house?
If I file for Chapter 13 (bankruptcy) will I lose my house. I am not behind in the payments on the mortgage.
Asked on 10/14/99, 4:00 pm
1 Answer from Attorneys
Re: Will I lose my house?
In Chapter 13, you do not lose any of your assets if you successfully complete the plan. (Of course, you still must continue to pay your mortgage to keep your home.)
In Chapter 7, you may forfeit assets valued over a certain amount, the amount varies from state to state. The way the laws are structured, few debtors run the risk of losing their home. If you are considering a Chapter 7, you certainly will want to check the available exemptions in your home state.
Answered on 10/14/99, 5:29 pm
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