BankruptcyForeclosureShort SaleReal Estate

What will happen to my home in bankruptcy?

In a chapter 7 bankruptcy, the first question is whether there is equity in the home. If there is, the next question is whether the equity is greater than the homestead exemption amount plus costs of sale. If there is equity that is not swallowed up by the exemption or costs of sale, then the trustee has the right to sell your home or make you buy it back for the excess amount. Otherwise, you have the choice whether to surrender the home or keep the home (subject to the bank's right to foreclose if you get behind on payments, sometimes requiring the bankruptcy court's permission first).

In a chapter 13 bankruptcy, unless you choose to surrender your home, you will continue making payments on the home, and if you are behind on the home, you are allowed to catch up over the course of the chapter 13 plan (three to five years).

You can do yourself a favor by not having the IRS withhold more than is necessary. If you claim all the exemptions you are entitled to claim on your W-4 withholding form, you are more likely either to have a smaller refund or actually owe money to the IRS at the end of the year. If this is the case, there will be no refund to be seized by the bankruptcy court.

Have Questions? Call or Email

Telephone: (385) 204-6294. You will talk directly to me, not a secretary.

Email: Use the form on the right! The email goes directly to me as well.

Bookmark
This Page


Request Free Consultation

First Name
Last Name
Phone
Email


$ Annual Household Income

Tell Me About Your Situation

Type this to prove you're human

Service Locations

Although I represent clients throughout Utah, Clients from the following locations will attend their 341 meeting in Provo, my home location.
    Utah County
  • Provo Bankruptcy Attorney
  • Orem Bankruptcy Attorney
  • American Fork Bankruptcy Attorney
  • Lehi Bankruptcy Attorney
  • Alpine Bankruptcy Attorney
  • Springville Bankruptcy Attorney
  • Highland Bankruptcy Attorney
  • Lindon Bankruptcy Attorney
  • Mapleton Bankruptcy Attorney
  • Eagle Mountain Bankruptcy Attorney
  • Saratoga Springs Bankruptcy Attorney
  • Pleasant Grove Bankruptcy Attorney
  • Payson Bankruptcy Attorney
  • Spanish Fork Bankruptcy Attorney
  • Santaquin Bankruptcy Attorney
  • Salem Bankruptcy Attorney
  • Draper Bankruptcy Attorney
  • Wasatch County
  • Heber Bankruptcy Attorney
  • Midway Bankruptcy Attorney
  • Juab County
  • Nephi Bankruptcy Attorney
  • Mona Bankruptcy Attorney
  • Millard County
  • Fillmore Bankruptcy Attorney
  • Delta Bankruptcy Attorney
  • Sanpete County
  • Manti Bankruptcy Attorney
  • Ephraim Bankruptcy Attorney
    Carbon County
  • Price Bankruptcy Attorney
  • Helper Bankruptcy Attorney
  • Emery County
  • Castle Dale Bankruptcy Attorney
  • Emery Bankruptcy Attorney
  • Duchense County
  • Duchense Bankruptcy Attorney
  • Roosevelt Bankruptcy Attorney
  • Uintah County
  • Vernal Bankruptcy Attorney
  • Sevier County
  • Richfield Bankruptcy Attorney
  • Salina Bankruptcy Attorney
  • Grand County
  • Moab Bankruptcy Attorney

We are a Debt Relief Agency

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The information on this site is provided for general purposes only and does not constitute legal advice. No attorney-client relationship exists simply by virtue of viewing this page or submitting information using this page. The attorney-client relationship must be established by written agreement with and payment to the attorney himself.

Debt Solution Services