¿Si me declaro en bancarrota puede, poner en peligro mi hogar?

You are swimming in overwhelming debt and now it has come to this: You are contemplating filing for bankruptcy. However, you are reluctant to file because you fear you might lose your home, the place where you and your wife raised your family.

Many people who need to file bankruptcy are reluctant to do it because they think they'll lose everything, including their home, That is far from the truth. The bankruptcy code is designed to help people get a fresh start without having to start over.

If you file for bankruptcy, you may be able to keep your home, depending on the circumstances. You have a few choices if you file for bankruptcy.

Most consumers file Chapter 13 reorganization or Chapter 7 liquidation. Some individuals – as opposed to businesses – may be able to file under Chapter 11 reorganization if they own a large amount of real estate or their net worth is extremely high. The bankruptcy code has built-in exemptions. While the code is federal, the exemptions may vary from state to state. However, you do have an exemption for a home that you may want to keep. If your circumstances fall within the rules of the code, you may still keep your home, even if you file Chapter 7 liquidation. Chapter 7 also provides for exemptions for your primary home and personal items.

Bankruptcy laws are complicated and several “schedules” must be completed to determine which chapter to file under is best for your personal situation. If you file Chapter 13, you will be able to keep your home in most cases since Chapter 13 is reorganization instead of liquidation. During a Chapter 13 bankruptcy, you will have to create a plan. The plan is filed with the court and, if accepted by the court and the trustee, shows how you will pay down the arrearages on your debts. Should you file Chapter 13 and you want to keep your home, you'll have to pay the current mortgage every month and on time. The amount that is arrears is included in the plan as a secured liability. The plan shows how much of each debt you will pay per month as a percentage out of the disposable income you have.

Certain debts, such as trustee and bankruptcy attorney fees are paid first, then secured debts, such as back mortgage payments, and then non-secured debts are paid. Plans are in place for three to five years and you must be able to pay the current monthly mortgage on your home throughout the length of the plan if you want to keep your home. The plan is created in such a way so that with your current income, you should have no problem keeping up mortgage payments to keep your home.