Bankruptcy lawyers are frequently asked about whether or not they can keep their house if they file for bankruptcy. In general, the answer is yes, so long as you have no more than $125,000 equity. There are certain circumstances, however, that will warrant further investigation. In general, though, Washington State allows a fairly generous protection with regard to those who file for bankruptcy and want to keep their house.
It is important to also note that, in general, you must be able to make your regular monthly mortgage payments to keep your house. Washington Bankruptcy attorneys are also often asked about whether Congress has passed a new law that allows them to lower their mortgage payment. There has been a lot of talk in the press about this subject. As of you yet, the answer is no. The Bankruptcy laws do not allow you to lower your mortgage payments in either a Chapter 7 or a Chapter 13 bankruptcy petition or a post-petition action.
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Currently, the only way to effectively lower you mortgage payment is if you can somehow qualify to discharge or strip away your second mortgage. This is a complicated process that can only be accomplished through an adversarial proceeding. If you believe that your second mortgage has absolutely zero equity behind it, you should consult with one of experienced Washington bankruptcy attorneys to find out if he can legally try to have it discharged.
Any experienced Washington bankruptcy attorney should tell you that it is generally more difficult to retain a rental or a vacation home, as opposed to a primary residence, if you file a Chapter 7 or a Chapter 13 bankruptcy. It is possible, however, to do so.
A lot really comes down to whether or not you have any equity in your vacation or rental property. For example, if the home has absolutely zero equity in it, then you will most like be allowed to keep it. If, however, your home has any equity (after deducting about 8% of the fair market value for costs of sale), you may very well not be able to keep the home and the bankruptcy court could take possession of the home, sell it, and give the proceeds from the sale to your creditors unless you can pay to the bankruptcy court the difference.
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