Will I lose my home if I declare bankruptcy?

Individuals who declare bankruptcy may have options to save their homes. Individuals who declare Chapter 7 bankruptcy will have to liquidate their assets to pay their creditors. Individuals who declare Chapter 13 bankruptcy will have the option to restructure their debts.

In both cases, individuals are usually allowed to retain their homes, but only if they are able to work out payments for the home. Failure to make payments on time after bankruptcy may lead to foreclosure.

If you have questions about how bankruptcy will affect your house, contact the West Palm Beach foreclosure defense attorneys of Eric N. Klein & Associates, P.C., at 561-353-2800.