Your house represents your most significant personal and fiscal strength. You might wonder what you can do in order to keep your home in case you seek bankruptcy relief in case you discover you’re in serious fiscal problem. The U.S. Bankruptcy Code gives a procedure that may allow you to maintain your home when you file for bankruptcy protection.
Request a bankruptcy request packet in the clerk of the bankruptcy courtroom. The packet contains the request for directions for completing these types and related programs, along with bankruptcy. These forms can be found from on-line in the bankruptcy court site along with office of the clerk.
Whole the request, making sure to add your home as a strength.
Record your home as an advantage on the exemptions program. Several states have homestead although bankruptcy is a situation. In Ca, your home is home that is exempt pursuant to the state’s homestead exemption. The bankruptcy type directions range from the precise parameters of the exemption in your own state. In Ca, equity up to $75,000 in your house is usually exempt if you’re under 65 years of age, $150,000 if you’re over that age, according to the California Code of Civil Procedure Section 704.730.
File schedules and the bankruptcy petition using the bankruptcy court clerk. Pay the filing fee.
Contact the mortgage mortgage company and suggest that you would like to enter a reaffirmation agreement involving your property. A reaffirmation agreement is the debtor, as well as a contract such as, for instance, a mortgage mortgage company. Through the deal, you keep your house provided you carry on to make home mortgage payments as time goes on.
Find a re-affirmation contract from possibly the clerk of the mortgage mortgage company or the bankruptcy courtroom.
Sign the re-affirmation contract. The record must be signed by a consultant from your home mortgage mortgage company, at the same time.
Submit the re-affirmation contract to the bankruptcy courtroom trustee. The trustee is the courtroom official that manages your bankruptcy situation on a day to day foundation.