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Return To Bankruptcy FAQ Archive   Will I lose my home if I file for bankruptcy? Answered By Editor Filing for bankruptcy does not neccesarily mean you will lose your home. In fact, some people file for bankruptcy in order to not lose their home. However, if you are not careful and do not do your homework for the state in which you reside, you could end up losing your home. Some states prohibit certain amounts being put into their home equity and have it still be shielded. Other states, like Texas, have strong homestead laws that protect people's homes. This can be a complicated issue. Assuming you are filing Chapter 7 bankruptcy and this is your only primary residence, you can generally keep your home if you continue to make your mortgage payments. If the home has no equity, which is calculated by taking today's value of the home and subtracting the costs of the sale, payoff balances and any liens, the trustee in a Chapter 7 bankruptcy will "abandon" the house to you. Abandoning the house to you means that you will be able to remain in your home and keep your house on the condition that you can maintain payments on your mortgage. In most cases, you must consult a bankruptcy lawyer or a debt consultant before you can file for bankruptcy, so this would be a good question for you to ask. keywords: Bankruptcy | Bankrupt | Creditors | Debt | Debt Relief | Chapter 7 | Home Equity | Mortgage Free Debt Settlement Chapter 11 Bankruptcy Filing

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