Legal Question in Bankruptcy in Massachusetts

Re: Do I lose my house?

It is very unlikely that you would lose your house, especially if you had a mortgage and were current in mortgage payments. In chapter 7 bankruptcy, the trustee generally is not interested in property that has mortgages or other liens on it. Even if you are behind on the mortgage, a chapter 13 case would let you catch up on the mortgage, provided you had the income to be able to do so over three to five years. Homeowners should be sure to have a Declaration of Homestead on file at the Registry of Deeds for the county in which the property is located. NOTE that to have a valid Declaration, you must be living in the property or intend to live there soon. Good luck!

Re: Do I lose my house if I file bankruptcy concerning my credit cards?

In Massachusetts, a homeowner who has recorded a Declaration of Homestead at the proper Registry of Deeds before he or she files a Bankruptcy case does not lose his or her home provided that he or she has less than $300,000 in equity in the home and is current on his or her mortgage payments. A disabled or elderly homeowner may be able to protect up to $600,000 in equity in his or her home.