Bankruptcy | Foreclosure | Short Sale | Real Estate |
What will happen to my home in bankruptcy?In a chapter 7 bankruptcy, the first question is whether there is equity in the home. If there is, the next question is whether the equity is greater than the homestead exemption amount plus costs of sale. If there is equity that is not swallowed up by the exemption or costs of sale, then the trustee has the right to sell your home or make you buy it back for the excess amount. Otherwise, you have the choice whether to surrender the home or keep the home (subject to the bank's right to foreclose if you get behind on payments, sometimes requiring the bankruptcy court's permission first). In a chapter 13 bankruptcy, unless you choose to surrender your home, you will continue making payments on the home, and if you are behind on the home, you are allowed to catch up over the course of the chapter 13 plan (three to five years). You can do yourself a favor by not having the IRS withhold more than is necessary. If you claim all the exemptions you are entitled to claim on your W-4 withholding form, you are more likely either to have a smaller refund or actually owe money to the IRS at the end of the year. If this is the case, there will be no refund to be seized by the bankruptcy court. Have Questions? Call or EmailTelephone: (385) 204-6294. You will talk directly to me, not a secretary.Email: Use the form on the right! The email goes directly to me as well. |
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Service LocationsAlthough I represent clients throughout Utah, Clients from the following locations will attend their 341 meeting in Provo, my home location. | ||
Utah County
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Wasatch County
Juab County
Millard County
Sanpete County
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Carbon County
Emery County
Duchense County
Uintah County
Sevier County
Grand County
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We are a Debt Relief Agency
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The information on this site is provided for general purposes only and does not constitute legal advice. No attorney-client relationship exists
simply by virtue of viewing this page or submitting information using this page. The attorney-client relationship must be established by written
agreement with and payment to the attorney himself.
Debt Solution Services