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Posted On: April 5, 2010 by Scott Sagaria

Chapter 7 Liquidation and Your Home

A San Francisco Bankruptcy lawyer discusses lawyer talks about Chapter 7 Liquidation and your home

Many fear they will lose their home and all their possessions if they file Chapter 7 bankruptcy. In reality this probably will not occur. To begin, simply filing chapter 7 bankruptcy doesn’t mean you will automatically lose your home. There are several options that a debtor may take to ensure they keep their home.

For those with equity in their homes, California allows a 50,000.00 homestead exemption. Consequently, as long as a debtor has $50,000.00 or less in equity in their home the Trustee many not liquidate. Still, it should be noted that a debtor must remain current on their payments or face foreclosure. While Bankruptcy technically eliminates the promissory note, it does not eliminate the lender’s lien on the residence. Thus, a lender still has the right of foreclosure in case of default.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

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Posted In: Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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