Under a chapter 7 bankruptcy, you can keep your home by reaffirming the debt. This means that you will, through a Statement of Intention, tell the creditor that you wish to keep the property and will continue to be liable for the loan.
If you are behind in payments and able to make the current payments, you may want to file a chapter 13 bankruptcy. This will allow you to keep your home and pay the arrearages that you owe through your chapter 13 Plan. This Plan will be anywhere from 3-5 years in length and will allow you to catch up on all the monies owed to keep your house. You can put all your creditors in the Plan, including liens by homeowner’s associations, second mortgages, tax debt, etc. You can even, through the Plan, catch up on arrearages for your vehicle.
If you are thinking of filing bankruptcy and you want to learn more about how to keep your home, contact a Jacksonville attorney today for a free consultation.