Legal Question in Bankruptcy in North Carolina

Will I lose my home in bankruptcy?

If you own the home, free and clear, the answer is that it probablyt will be sold by the Chapter 7 Trustee and the proceeds used to pay off your creditors. You would get $10,000 off the top and the rest would be parcelled out to your creditors.

If you are paying on a mortgage or on mortgages, you can reaffirm your mortgage obligatioon(s), keep your home and continue paying the mortgages. It would then be up to the trustee to determine whether there was sufficient equity in the home to realize any surplus after paying the mortgage(s) and paying you $10,000 to justify sale of the home.

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