Does someone loose their home during bakruptcy?

[stella7]

In some cases the Official Receiver or the trustee may have to sell your home to go towards paying your bankruptcy debts

[mamab]

It all depends. You do have the option to keep your house, but you have to reaffirm your loan.

Here's a pdf I found that explains bankruptcy pretty well, and what you can do in the midst of it. http://www.consumerlaw.org/initiativ...gal_rights.pdf

Hope it gives you the information you need.

[moonmagick]

It depends on the type of bankruptcy you file, and whether or not you have the income to support it. If the trustee deems that you can keep the house, you do have to reaffirm your loan. And from what I understand they are quite picky about payments being made on time. No grace period.

[Calypso]

In the U.S., most states--perhaps all of them--consider one's primary home a protected asset as long as it is paid off. In other words, the bankruptcy court won't seize your home to pay your creditors.

BUT, if your home is not paid off, you cannot simply stop making payments on it, or the bank will repossess it. What you need to do is "reaffirm" this loan (i.e., acknowledge that you still owe the money and will continue making payments). This will protect your home.

[aquariancore]

Well the law allows you to keep you home and car. Still the law now allows creditors a shot at getting partial payment

[nangel78]

That is what I am aware of as well Aquarian. Can they deduct a certain amount from your payroll as well?

[teal1066]

It all depends on what type of bankruptcy do you have.But if you are bankrupt and you want loan you can go with online payday loan.But for that loan you should have a regular source of income.