if I file for bankruptcy, can I keep my home?

Get Legal Help Today

 Secured with SHA-256 Encryption

if I file for bankruptcy, can I keep my home?

My home in in foreclosure for unpaid taxes. It is in mine and my mother’s name. Do I have any other options?

Asked on October 21, 2011 under Bankruptcy Law, Washington

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, while a bankruptcy may delay matters and buy you more time, ultimately, you will not be able to keep the home unless you pay the taxes. The law allow real estate to be foreclosed upon for unpaid taxes or a default on a mortgage. Filing for bankruptcy automatically delays all collection actions, including foreclosure (the "automatic stay"), but will not indefinitely prevent foreclosure. Therefore, the only long-term way to keep the home is to find some way to pay the taxes, which could include working out some payment plan or schedule that the tax authority will accept. Otherwise the home will be foreclosed and sold; some of the proceeds of the sale will be used to pay taxes and administrative costs; if there is additional equity in the home beyond that, the rest should come back to you, though if you have other debts, depending on the type of bankruptcy you file, it may be used in some circumstances to pay other creditors, too.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption