Personal Life & Bankruptcy: Can I Keep My House?

Contact Us
young women worried about bills

Facing financial difficulties often raises concerns about losing your home, especially when you are unsure how bankruptcy laws apply to your situation. At Mountain View Law Group, we understand that in the U.S., bankruptcy provisions may allow you to retain your house, depending on the type of bankruptcy you file and your specific financial situation. Our knowledgeable team is here to help clarify these laws and provide you with the necessary insights to manage your options effectively. We aim to alleviate your concerns by ensuring you are well-informed about the potential outcomes of your case.

What Happens to Your Home in Bankruptcy?

Chapter 7 Bankruptcy: Liquidation

Chapter 7 involves liquidating assets to pay creditors. However, Utah’s Homestead Exemption offers protection for your home by allowing you to exempt up to $42,700 of equity, or $85,400 for joint filers. If your home equity falls within this range, you might be able to keep your home. Consulting with a bankruptcy attorney in Ogden, Utah can provide accurate and personalized advice, ensuring you understand all available options to protect your assets.

Chapter 13 Bankruptcy: Reorganization

Chapter 13 bankruptcy allows you to restructure debts and establish a repayment plan over three to five years. This process can significantly aid in maintaining homeownership, as it addresses both current and past due payments in a manageable way. Staying compliant with the repayment terms is essential for keeping your home, and working with a knowledgeable attorney in Ogden can help manage this process effectively.

Can I Keep My House?

Yes, retaining your home is feasible under both Chapter 7 and Chapter 13 bankruptcy, largely depending on the equity you have in your home and the specific bankruptcy chapter you choose to file under. The attorneys at Mountain View Law Group are experienced in handling these options, providing tailored strategies that align with your unique financial situation. Our successful track record in assisting clients to secure their homes during bankruptcy proceedings is well-documented on our Victories page. We understand the importance of your home as a personal and financial sanctuary, and we are committed to offering the best legal pathways to protect it.

Strategies to Maximize Your Chances of Keeping Your Home in Bankruptcy

To improve your chances of retaining your home during bankruptcy, consider the following strategies:

  • Assess Financial Standing: Carefully review your financial situation and fully utilize legal exemptions like Utah’s Homestead Exemption. Ensure your financial documentation is precise and comprehensive.
  • Negotiate with Creditors: Prior to filing, engage in negotiations with creditors to explore mortgage modification options that might lower your monthly payments and help you keep your home.
  • Involve an Attorney Early: Consult with an Ogden, Utah bankruptcy attorney early in the process. An experienced attorney can provide crucial guidance and effective negotiation strategies with creditors.

By employing these proactive steps, you can bolster your position to maintain ownership of your home through the bankruptcy process.

Why Choose Mountain View Law Group?

At Mountain View Law Group, we provide proficient legal advice across various areas, including bankruptcy, ensuring comprehensive support tailored to your unique needs. Our commitment to excellence is consistently reflected in the positive feedback from our clients, which you can view on our Testimonials page. Our team is not only well-versed in the law but also deeply understanding of the personal stresses that accompany financial difficulties.

Mountain View Law Group is committed to helping you maintain stability and recover from financial challenges. With our compassionate approach and strategic insight, we guide our clients toward the best possible outcomes. Contact us today to receive tailored guidance and begin exploring your options for a secure financial future.

The Client Experience

Our clients rave about their experiences with Mountain View Law Group. Check out what they have to say.

prev next