YES, you can stop the foreclosure with a timely Chapter 13 Bankruptcy filing. The "automatic stay" provision will stop your mortgage holder from moving forward and may give you up to 60 months to pay arrears on the mortgage.
The Bankruptcy Property Exemptions will allow you to keep your home when filing Chapter 7 Bankruptcy and Homestead Exemption will add to your homes protection.
Bankruptcy Property Exemptions
The process of bankruptcy offers you a clean slate from being overwhelmed by financial burdens. Once a bankruptcy case is completed, however, you will still need basic possessions and assets to move forward with your life. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for your home and other items. If property is exempt, it will not be subject to the seizure of creditors.
Under new bankruptcy law, you will be required to submit a schedule or list of exempt property when they file the bankruptcy petition, your attorney will prepare this. The schedule should include a description of the property, specifying the law authorizing the exemption, and list the value of the exemption and its market value. This information allows parties involved in the case to evaluate the exemption claim and submit any legitimate objections within 30 days from the meeting of the creditors. If someone objects, they must prove that the exemption has been improperly claimed
Every bankruptcy case is evaluated separately but in most cases you do not have to give up your property or necessary possessions. During and after the closing of the case, the exempted property is protected by law. In fact, not only are you allowed to keep the exempted property, but also the equity, if any, that one may have on the property. Equity is the difference between the value of the exempted property and the remaining debt.
Homestead Exemption
The Massachusetts Homestead Act allows a homeowner an estate of Homestead to the extent of $500,000 with to a homeowner's primary residence. This allows the owner to claim the first $500,000 of equity in their home above the mortgages that the owner has placed on the property. Homestead Declarations are for primary residences only and do not apply to vacation homes or investment property.
The following are exempt from the Homestead Law:
Although every case is different losing your home by filing bankruptcy is not common. Please consult one of the attorneys at the Law Office of Brian R Lewis right away if you home is a concern.
Bankruptcy can be a difficult decision, and you should not have to face it alone. If you contact us for assistance, we will provide you with a free initial consultation, during which time we will discuss your circumstances and recommend a course of action. If you are considering bankruptcy, call the Law Office of Brian R Lewis today!
The Bankruptcy Property Exemptions will allow you to keep your home when filing Chapter 7 Bankruptcy and Homestead Exemption will add to your homes protection.
Bankruptcy Property Exemptions
The process of bankruptcy offers you a clean slate from being overwhelmed by financial burdens. Once a bankruptcy case is completed, however, you will still need basic possessions and assets to move forward with your life. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for your home and other items. If property is exempt, it will not be subject to the seizure of creditors.
Under new bankruptcy law, you will be required to submit a schedule or list of exempt property when they file the bankruptcy petition, your attorney will prepare this. The schedule should include a description of the property, specifying the law authorizing the exemption, and list the value of the exemption and its market value. This information allows parties involved in the case to evaluate the exemption claim and submit any legitimate objections within 30 days from the meeting of the creditors. If someone objects, they must prove that the exemption has been improperly claimed
Every bankruptcy case is evaluated separately but in most cases you do not have to give up your property or necessary possessions. During and after the closing of the case, the exempted property is protected by law. In fact, not only are you allowed to keep the exempted property, but also the equity, if any, that one may have on the property. Equity is the difference between the value of the exempted property and the remaining debt.
Homestead Exemption
The Massachusetts Homestead Act allows a homeowner an estate of Homestead to the extent of $500,000 with to a homeowner's primary residence. This allows the owner to claim the first $500,000 of equity in their home above the mortgages that the owner has placed on the property. Homestead Declarations are for primary residences only and do not apply to vacation homes or investment property.
The following are exempt from the Homestead Law:
- 1) Federal, state and local taxes, assessments, claims, and liens;
- 2) Mortgages used to purchase the residence, and in the case of the Elderly Homestead, first and second mortgages held by financial institutions or others;
- 3) Execution issued from the Probate Court to enforce its judgment that a spouse pay for the support of a spouseor minor children;
- 4) Execution issued from a court of competent jurisdiction to enforce its judgment based upon fraud, mistake, duress, undue influence or lack of capacity;
- 5) Debts contracted prior to the acquisition of the Homestead
Although every case is different losing your home by filing bankruptcy is not common. Please consult one of the attorneys at the Law Office of Brian R Lewis right away if you home is a concern.
Bankruptcy can be a difficult decision, and you should not have to face it alone. If you contact us for assistance, we will provide you with a free initial consultation, during which time we will discuss your circumstances and recommend a course of action. If you are considering bankruptcy, call the Law Office of Brian R Lewis today!