Will they take my house?

[webslinger67]

I am filling out my paperwork for filling BK, and I have been told by many parties that I fit within CHapter 7 , I keep forgetting to ask, even though I have kept up on my First and Second mortgage on my house, and believe me , there is no equity, will the court require me to relinquish my house for Chapter 7?

[SubPrimeME]

Don't have a lot of details here, but YES you can keep your house! That is normally part of your schedules- that debt I should say.

You should do a search on this site regarding this topic, there are MANY threads regarding this.

[pa308]

I am filling out my paperwork for filling BK, and I have been told by many parties that I fit within CHapter 7 , I keep forgetting to ask, even though I have kept up on my First and Second mortgage on my house, and believe me , there is no equity, will the court require me to relinquish my house for Chapter 7?

If you're current on the mortgages and dont have any equity the chances of losing your house are very slim if not zero. Kinda depends on your states exemptions. If your using federal and you have no equity you will definitely not lose your house.

[dealdas]

The rule of thumb - if you have any non-exempt equity in the house that can be used to pay creditors, after it is sold/foreclosed and the trustee takes his 'cut', you might lose the house.

In your case, that seems unlikely, so you should be able to keep your house.

best