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Keeping your home after bankruptcy depends on several factors

When a person in Tampa files for bankruptcy the first question he or she will often have is: “Can I keep my home when I file for bankruptcy?” There are a lot of factors that play a role in determining the answer to this question, including which type of bankruptcy one files and how much equity one already has in his or her home.

When people file for bankruptcy they first have to decide if they want to choose Chapter 13 or Chapter 7 bankruptcy. One of the biggest differences involves the varying exemptions that are available with Chapter 7 and Chapter 13 bankruptcies, which according to Cornell University’s Legal Information Institute, is the property an individual can keep under Florida law. The difference between the two, according to Findlaw, is that the exemptions for Chapter 7 are stricter and offer less flexibility than Chapter 13 exemptions. That means keeping one’s home is usually easier with Chapter 13 than it is with Chapter 7.

Another factor that plays a key role in whether or not people will keep their homes is how much equity they already have. Many people who file for bankruptcy don’t have much equity in their home. That is actually good news because it makes their house exempt. On the other hand, those who have enough equity to put them over the exemption limit might have to sell their home.

The last factor to consider is whether or not a person can afford his or her mortgage. If people can afford to continue making their mortgage payment after the bankruptcy process is over then chances are they will be able to keep their home. On the other hand, if they can’t afford to continue making their payments, then the bank could decide to foreclose on their home.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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