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can I keep my house?

The answer is generally “yes”, as long as you can afford to pay for it. However, the equity that you have in your house plays a role in determining whether you will lose your house in a Chapter 7 or your bankruptcy payment will increase in a Chapter 13. Each debtor is allowed to protect $50,000 of house equity for a residence. As long as your equity does not exceed the $50,000 limit AND you can make your house payments going forward, you should be able to keep your home.

 

 

 

 

 

 

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