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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

 


Q: Will I automatically lose my house in a Chapter 7 bankruptcy?

A:

No. The ability to keep your house depends on many factors, one of the most important being the existence of an experienced Missouri and Illinois bankruptcy attorney who can walk you through the process and protect your property.

There are certain exemptions that come with a Missouri and Illinois Chapter 7 that may cover any equity that you have in your home. If those exemptions don’t cover the equity you have in your home, you can always consider a Missouri or Illinois Chapter 13 bankruptcy.

Either way, you must continue to make payments. If you can no longer pay your mortgage, you may want to consider if you should even keep the house. An experienced St. Louis Missouri bankruptcy attorney can walk you through the process—and help you determine the right moves for you.

 


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