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Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 bankruptcy?
The sales at one of my two furniture stores are down and I’m barely able to keep up with the payroll. My wife and I are wondering if we should file for bankruptcy since we have defaulted on a business loan for the stores and haven’t been able to make our personal credit card payments for several months. once we make about five or six more house payments, we will own it free and clear. However, we’re worried about losing the house. Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 bankruptcy?
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Answers (1)
Since your business and personal debt situation is rather complex, you need to contact a bankruptcy attorney right away. This expert can tell you which bankruptcy chapters you are eligible to file under and which one or ones would be most beneficial to you. Be sure to take a detailed listing of your debts and assets with you to your first meeting with the attorney. Also make notes ahead of time about the assets you’re most worried about keeping and how you might want to restructure your business after filing chapter 7 bankruptcy or after filing chapter 13 bankruptcy if it allows you to do so.
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Posted by Elizabeth Smith on 21 Jan 2010