Keeping Your Property
For many people filing for bankruptcy, their primary concern is whether they will lose their home in the process. It’s a valid concern and one that is a major consideration in determining whether to file for bankruptcy, which type of bankruptcy protection to file, and other decisions made along the way.
Generally speaking, in filing for bankruptcy, you will keep the secured debts you can afford, drop secured debt you can’t afford, and free yourself from some or all unsecured debt. In the process, you may be able to protect and keep certain exempt property, which may include your home.
Whether or not your home will be categorized as exempt property during a bankruptcy depends on the status of the payments and other factors. If you are behind on a few mortgage payments, there may be one best option for filing for bankruptcy to protect the property.
If you no longer can afford the home due to a loss of job, reduced income, or soaring adjustable-rate mortgage, there may be another answer as to how to file for bankruptcy in an effort to keep the home.
It is important to know that filing a petition for bankruptcy puts an automatic stop to bank foreclosure proceedings, giving you time to sort out your legal options while not having to worry about losing your home to the bank.
At the Metro Detroit, Michigan bankruptcy Law Offices of Shirley Horn, we understand how important protecting your property in a bankruptcy filing can be. We will work hard to keep you in your home and avoid foreclosure.
We serve bankruptcy clients in Oakland County, Wayne County, and Macomb County. Our office is conveniently located in Royal Oak, with close access to Madison Heights, Sterling Heights, Lathrup Village, Huntington Woods, Southfield, Berkley, Ferndale, Oak Park, Birmingham, Farmington, and Farmington Hills. Metro Detroit, Michigan bankruptcy attorney Shirley Horn can help you keep your property.
Contact Our Detroit, Michigan Bankruptcy Attorney Today
If you, a loved one, or someone else you know needs legal representation or advice from an experienced Metro Detroit, Michigan bankruptcy attorney, call Shirley Horn today at 248-398-9900 or complete the contact form on this website to schedule a free and confidential consultation.