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.
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
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Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.