How To Go Bankrupt And Keep Your Home

The personal bankruptcy process can be one of the most effective ways for debtors to eliminate large portions of debt, though the process itself also brings with it some significant consequences. Filing bankruptcy can be both stressful and time-consuming and it can also cost a fair amount of money. Perhaps the most significant consequence is the fact that filing a bankruptcy claim can place your valuable assets at risk. Because of this, many debtors avoid the process altogether, fearing that their home and other assets will be taken away from them. Fortunately, it is possible to file bankruptcy and retain these valuable assets. The following article will show you how to go bankrupt and keep your home in the process.

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When it comes to filing a bankruptcy claim there are really only two options - you can file under Chapter 7 or under Chapter 13. Although Chapter 7 is the most popular option, the problem is that it can place your assets at risk. Also known as "liquidation bankruptcy," Chapter 7 uses your assets to pay back your creditors through the liquidation process. While Chapter 7 can certainly help you to eliminate large portions of debt, it does so at a significant cost.

If you aren't interested in placing your assets and home at risk then I would strongly suggest that you consider filing under Chapter 13. Commonly referred to as "reorganization bankruptcy," Chapter 13 allows wage earning individuals a chance to repay their creditors through a structured repayment plan over a period of 3-5 years. A debtor can also hang onto their home through Chapter 13 if they continue to make on-time payments throughout the process.

For more Chapter 13 bankruptcy information consider browsing the United States Courts website. Alternatively, you can set up a free initial consultation with a reputable attorney in your area. Initial consultations are a great way to learn more about the process and they can also be a good way to get to know a particular attorney.

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