Bradenton, FL asked in Bankruptcy for Virginia

Q: I live in Fairfax, VA, and want to file for bankruptcy. If I pay my mortgage, can I hang on to my residence?

My main goal is to not lose my house. I want to discharge my other debts (credit cards and such) but hold on to the house I live in. Is that possible? How do I do that?

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2 Lawyer Answers

L. Ilaine Upton

PREMIUM
Answered
  • Bankruptcy Lawyer
  • Annandale, VA
  • Licensed in Virginia

A: The surest way to keep your house in bankruptcy is file Chapter 13, but you might be able to keep your house in a Chapter 7. This is a situation where you need a very experienced bankruptcy lawyer, one with experience in keeping houses.

Timothy Denison

Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You need to determine the value of the property, the amount owed, and the equity in the property. This will determine whether you should file a Chapter 7 or a Chapter 13.

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