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Keeping Your Home Under Personal Bankruptcy

Few things worry those who are facing bankruptcy more than the fear of losing their most valued asset their home. Under Chapter 7 bankruptcy, you will be able to delay foreclosure. And because much of the rest of your debt will be eliminated, you may be in a far better position to catch up with your mortgage and prevent foreclosure altogether.

How Exemptions Can Help

Exemptions are tools that can be used to help you keep your home. The federal government allows you to exempt the equity in your primary residence for up to $21,625, or double that for a married couple. You can claim either the federal or the state exemption, and under Connecticut exemptions you can protect up to:

  • $75,000 of the equity in your home
  • $150,000 if you are filing a joint bankruptcy with your spouse

At our experienced bankruptcy law firm in Hartford, CT, we counsel you in bankruptcy and foreclosure defense matters. Our lawyers will discuss all your options with you so you make a decision that will give you peace of mind while getting back on your feet. In some cases, this may include looking at Chapter 13 as a better bankruptcy option particularly if you have significant equity in your home and a good likelihood of being able to pay off your debts in a three- to five-year time frame.

Talk To Our Attorneys About Chapter 7 Bankruptcy

For a free, confidential consultation about Chapter 7 bankruptcy and options for keeping your house out of foreclosure, please contact us online or call The Law Offices of Ronald I. Chorches at 860-563-3955.