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!

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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