Will Declaring Bankruptcy Affect My Chance To Own A Home?

Will Declaring Bankruptcy Affect My Chance To Own A Home?

buying a home after bankruptcyOne of the greatest worries of persons declaring bankruptcy or even considering it is whether personal belongings are safe. Top among the list of personal belongings they fear for are their homes. Items such as cars and boats are often cited as important but homes ware always top.

In this article, Samuel Schwartz, one of the top Las Vegas bankruptcy attorneys sheds some insight into the subject.

To own a home obviously calls for serious investment. One will have gone to great lengths to save for the deposit and then to keep up with the mortgage requirements month after month for years, therefore the prospect of losing that kind of investment is sickening.

Well, be at ease. For the most part your home will be safe even when you are declaring bankruptcy. Unless it is valued at a very high sum (consult your bankruptcy attorney to know exactly how much) in which case the court might decide that selling it will raise such a significant sum as to both pay off some debt and get you a more modest home. Other than that your home is safe.

Even your mortgage provider should not be worried either about you declaring bankruptcy as long as you can keep up with your monthly instalments in full and on time.

If you are renting, and are worried your new financial status will get you kicked out, worry not. Again, as long as you are able to continue paying your rent in an orderly manner as before then the landlord should not evict you from the house.

Any other property you own will only be attached if it can realise a big enough portion of the debt. This includes items such as a yatch, a plane and or a sports car(s). Regular household items such as televisions, cookers and, fridges will not be touched, they are not worth the trouble.

If you did not already own a house but dream of owning one, you may wonder if it will ever happen, now that you have filed for bankruptcy. Bankruptcy is not a permanent state. Your credit rating will be hurt and the bankruptcy will remain on record for at least ten years but if you are determined to own your home you still can.

What happens if it is the other way round; your home is about to be foreclosed? In such a case, you should hire a foreclosure attorney.

Why You Need a Foreclosure Attorney

Most homeowners panic and make hasty decisions when they receive a foreclosure notice. You need an attorney for two major reasons: to file for bankruptcy if your finances warrant that or to file an order to show cause to stop the foreclosure sale.

You are about to or have already been served with foreclosure notice; you really cannot afford to repay the mortgage the way you had agreed. Do you think an attorney could help you stop the foreclosure? Many homeowners have been losing their homes not knowing that they could have engaged the services of a qualified bankruptcy attorney or foreclosure defence lawyer. Do not risk losing your house; there are plenty of law firms in Pennsylvania, Florida, New York and New Jersey which are staffed with professional foreclosure lawyers that you can contact.

 

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