will happen to my house?
A. If the
amount of equity (the amount by which the market value of your
house exceeds the amount still owing on the mortgage) is less
than $5,000.00 ($10,000.00 for a couple) and if your house
payments are current and kept current, you will not lose your
house even after filing a Chapter 7 bankruptcy.
If you qualify to file a Chapter 13
bankruptcy you will keep your house even if the equity exceeds
the exemption. If you are unsure of the present value of your
house, you should consult with a real estate agent or have
your house appraised by an SRA (Society of Real Estate
Appraisers) appraiser. Then call your mortgage
company (and second mortgage, if there is one) to find out
your present mortgage balance.