Saying that our most important investment is a home would be an understatement. It is where we raise our children and enjoy those precious moments with our family. It is the foundation on which the American dream is built. Not only is it an investment but it is where our hearts reside. It is where we kick up our feet and where we lay our heads. Protecting it is something that we will do at all costs.

Many people with poor credit, overwhelming debt, businesses that tanked, who made poor investments and bad financial decisions, may feel they have to endure shame if they opt to file for bankruptcy. A question gets raised, which frightens people to file for bankruptcy, if their home will be able to be saved. Some think bankruptcy does not allow the saving of their home, and in return questions about their family’s future and various overwhelming burdens raises guilt.

I am here to tell you that saving your home is not out of the question and you can successfully salvage your home while filing for bankruptcy. This raises the question “How is that possible? Isn’t my home at risk if I file for bankruptcy?” Most people file for bankruptcy in an effort to save their home from going into foreclosure. If you are filing for Chapter 13 bankruptcy, there is a good chance that you will be able to keep your home because you will be required to continue making mortgage payments as well as paying back payments if you have missed any.

The first thing you must do is figure out how much equity you have in your home. Once you find out how much your home is currently worth, subtract the amount you still owe from that amount. That will tell you the amount of equity you have. For example, if your house is worth $200,000, and you have $185,000 worth of mortgage loans still owed, your home equity would be $15,000.

The current federal homestead exemption is $18,450. If you have less than $18,450 in equity, you may be able to keep it. If you have more than the exemption amount, you may be at risk of losing your home. Before filing for bankruptcy it is recommended that you check your home’s worth, amount of equity and proceed from there. Keeping your home is not out of the question and you may be able to keep your home while filing for bankruptcy. Contacting an experienced bankruptcy lawyer should be your first step, once you have your papers in order.

To find out more about Queens Bankruptcy Lawyers, being able to keep your home when filing bankruptcy Queens Chapter 13 Bankruptcy Lawyers visit our website today.

A Chapter 7 bankruptcy is also known as a liquidation bankruptcy. This means that any property that a Chapter 7 filer has that is not exempt may be liquidated or confiscated and sold to pay off debts.

One of the main points to consider in deciding whether to file a Chapter 7 bankruptcy is what property you can keep and what property you may have to give up.

Tennessee exemption laws allow a single person to keep up to $5,000 of their home’s value. While married couples can exempt up to $7,500.

Tennessee grants an exemption up to $12,500 for individuals over the age of 62. A $20,000 exemption applies to married couples where one spouse is over 62 and the other under 62. A larger $25,000 exemption applies to married couples where both spouses are over 62.

Tennessee law grants a $25,000 homestead exemption for an individual filing a Chapter 7 who has at least one dependent child. This exemption doubles to $50,000 when a married couple with at least one dependent child files a Chapter 7.

The amount of equity in your house is important to know when considering Chapter 7. If your exempted amount is more than your equity then there is no chance a Chapter 7 Trustee will seek to sell your house to pay creditors.

Filing Chapter 7 when your equity exceeds you allowed exemption may result in either yu having to pay the difference to your creditors or the Chapter 7 Trustee selling your house and paying creditors with the proceeds, minus your exempted amount.

The last point to consider is that you usually do not want to file a Chapter 7 if you are behind on your mortgage payments. When you are behind on your mortgage, a Chapter 13 might be a better option for someone wanting to keep their home.

A Chapter 7 Bankruptcy is designed to give you a fresh start by discharging your debts. But some property that is not exempt may be sold in order to pay off creditors.

If you are considering a Chapter 7 bankruptcy then it is important to know what you can and cannot exempt.

Each state has different exemption rules. In Tennessee a single individual can exempt $5,000 of their homestead (house) while a married couple can exempt $7,500.

For those filers over the age of 62 Tennessee allows an individual a $12,500 homestead exemption. A spouse aged 62 or older who has a spouse under 62 is allowed a $20,000 exemption. A married couple both of whom are over the age of 62 receive a $25,000 exemption.

Tennessee law grants a $25,000 homestead exemption for an individual filing a Chapter 7 who has at least one dependent child. This exemption doubles to $50,000 when a married couple with at least one dependent child files a Chapter 7.

If you own a house and are considering filing Chapter 7 bankruptcy you will want to know how much equity you have in your house. If the amount of equity is less than the amount you can exempt, then you can keep your house after filing a Chapter 7 without paying any money and without risk of the Trustee auctioning your house to pay creditors.

In the case where your exemption is less than your equity then you have two choices; pay the difference to the Chapter7 Trustee, or allow the Chapter 7 Trustee to sell your house.

If you are behind on your house payment then Chapter 7 might not be the best option. A Chapter 13 repayment plan would ensure you retain possession of your home.