Letting A Home Go Back in Bankruptcy

Posted on February 13, 2018. Filed under: Chapter 7 Bankruptcy, Consumer Alerts, Uncategorized | Tags: , |

We have found in our office that surrendering a home is one of the hardest things for clients to consider doing.  We all get emotionally attached to our home, often because that is where our children were raised or it is family property.  It is very difficult to consider letting your home go back, but it is often the economically sound thing to do for your future.

We would also add that in our area of Kentucky, we have many folks that have financed a manufactured or mobile home and land together and owe much more than the manufactured or mobile home is worth, even factoring in the value of the land.  Manufactured or mobile homes most often depreciate in value, thus never allowing folks to build up equity in them.  In these cases, surrendering the manufactured or mobile home is often the wisest thing to do.

A home can be surrendered to the bank or mortgage holder in Chapter 7 Bankruptcy and the debt owing on the home is then discharged, or eliminated.

Finally, often  a Chapter 13 Bankuptcy can be used to save a home where the debt on the home is behind, should you choose to.

To look  at your options in regards to your home debt, contact an  experienced bankruptcy attorney.

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When Does It Make Sense to Let the House Go When Filing Bankruptcy ?

Posted on June 25, 2015. Filed under: Chapter 7 Bankruptcy, Consumer Alerts | Tags: , , |

I have found in my practice that this is one of the hardest things for clients to consider doing.  We all get emotionally attached to our home, often because that is where our children were raised or it is family property.  It is very difficult to consider letting your home go back, but it is often the economically sound thing to do for your future.

I would also add that in our area of Kentucky, we have many folks that have financed a manufactured or mobile home and land together and owe much more than the manufactured or mobile home is worth, even factoring in the value of the land.  Manufactured or mobile homes most often depreciate in value, thus never allowing folks to build up equity in them.  In these cases, surrendering the manufactured or mobile home is often the wisest thing to do.

A home can be surrendered to the bank or mortgage holder in Chapter 7 Bankruptcy and the debt owing on the home is then discharged, or eliminated.

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Liens On Your Home and Bankruptcy

Posted on April 28, 2015. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts | Tags: , , , , , |

Liens can be placed on a debtor’s home in many different ways. Some are by agreements, like mortgages. Others are by operation of the law, like property tax liens on a debtor’s home. And some liens are to enforce judgments that have been entered against the debtor. Certain liens can never be removed in a bankruptcy case except by paying the underlying indebtedness, and others can only be removed if special action is taken in the bankruptcy case. So, if a debtor has any question about liens on their home, these matters should be discussed with an attorney.

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