Whether or not you would lose your home depends on a number of factors, including which bankruptcy chapter you file, the amount of equity in your home, whether you are current with the payments, the value of your other assets, and what exemptions you have available to protect your assets under applicable law.

Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

You need to consult with a bankruptcy attorney in your area to fully evaluate your situation and advise you as to the costs and benefits.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

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