Q: Will I lose my house if I file for bankruptcy? I still owe on the mortgage.
A: Many factors go into answering your question, such as value of house, amount owed on mortgage, equity in house, your income, plus chapter filing type. Consult a local bankruptcy attorney who can help you plan and execute the right decision for you.
A: You certainly will if you stop paying on the mortgage, however, in order to properly answer this question you will need to consult with a bankruptcy lawyer and provide additional information such as the FMV of the home, the amount of mortgage, other possible liens, the amount of equity in the home. Also whether you qualify for Chapter 7 or will be filing chapter 13 are important factors along with the amount of your debt. So really, this question requires more information for a proper answer and for that reason you should consult with attorney.
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