Salt Lake City Bankruptcy Lawyers

What Happens to My Home in a Chapter 7 Bankruptcy?

What will happen to your home should you file for Chapter 7 bankruptcy is an important question to ask. Consulting a Salt Lake City bankruptcy attorney at the Stone Law Firm is how you can find out the answer to this question in regards to your particular financial situation. However, we have also included some basic information about this topic here online, for your convenience.

One of the main factors which will affect what happens to your home in a Chapter 7 bankruptcy case is the amount of equity in your home. Utah provides for a certain exemption for homeowners who have $20,000 or less in equity in their home, per person filing. If you have $20,000 or less in equity in your home and wish to keep it during bankruptcy proceedings, it may be possible to claim a homestead exemption and therefore protect the equity you have in your home. The home must be a primary residence, however, to qualify for this exemption.

Consult a Salt Lake City Bankruptcy Attorney

Whether you wish to keep your home, are trying to protect your home from foreclosure or want to ensure that your equity in your home is exempt from liquidation in Chapter 7 bankruptcy proceedings, a lawyer at our firm can help. We have the experience and knowledge specific to dealing with matters involving family homes in bankruptcy cases. We can apply this knowledge to your particular case in order to help you make a well-informed decision about whether to file for bankruptcy – and to then protect your rights, your property and your assets during your Chapter 7 case.

At the Stone Law Firm, we represent clients in Chapter 7 bankruptcy cases throughout all of Salt Lake City, Provo and Ogden, Utah. Let us review your situation and determine exactly how filing for bankruptcy will affect your home.

Contact the Stone Law Firm today!