If I file bankruptcy what happens to my house

Filing for bankruptcy is scary, especially if you have your home. But you may be OK!

If I file bankruptcy what happens to my house

Nothing happens to your house if you file bankruptcy under chapter 13. Chapter 7 is different and depends on your state's homestead exemptions. For example, Arizona’s homestead exemption is $150,000, while Alabama has a measly $15,000 in comparison.

Will I lose my house if I file bankruptcy?

Not necessarily. Chapter 13 won’t affect your house since you'll be paying back your debts. Chapter 7 is different. Chapter 7 absolves you of your debts completely. Depending on your state's homestead exemptions and how much equity you have, your house may be safe.

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