Helping You Stay In Your Home
Protecting the family home is foremost in the minds of nearly everyone who files bankruptcy. The impact of foreclosure can be devastating to a family. However, filing
Chapter 7 or Chapter 13 bankruptcy does not mean that you will lose your house. The equity in your home must be fully or partially exempt and you must be up to date on mortgage payments.
Each situation is unique, so an initial meeting with DAL Law Firm attorney Darcel Lobo is often frank, but nonjudgmental. She listens to the needs and goals of her clients and determines the best course of action based on years of experience working in bankruptcy law and other debt relief matters.
Three Questions To Ask When Considering Bankruptcy
Those who want to hold onto their homes, which we generally recommend in this housing market, should think about the following in regard to their bankruptcy filing:
- What type of bankruptcy is right for me? The most common forms are Chapter 7 and 13. Each offers different exemptions. Since Chapter 13 is a restructuring of your debt, it is generally assumed that you would stay in your primary residence if you can afford the new adjusted payments. Chapter 7 is a liquidation of assets, and while some still keep their house, it is harder to do.
- Can you afford the mortgage? A creditor can and will foreclose on a property if you have not made your mortgage payments. If you continue to pay the mortgage until all debts are repaid, then you can keep your home.
- How much equity do you have in your home? If you are under the exemption limit or have no equity in your home, the creditor may not foreclose on your house. If you are over the exemption limit of $40,000, you may be required to sell the home to pay debts.
Will You Keep Your Home If You File Bankruptcy? A Bankruptcy Attorney Can Help.
The federal government is not known for its flexibility in regard to regulations, but a lawyer with a strong background in bankruptcy law can be a huge asset in addressing issues in filing bankruptcy in the Western District of Washington U.S. Bankruptcy Court. There are different factors, such as income and size of the family, which will influence the amounts and what you qualify for. Call our office in Normandy Park at 1-206-408-1688 or contact us online to learn how we can help.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
“Darcel handled my Chapter 7 bankruptcy and exceeded every single expectation I had. Good attorneys are not all that hard to find, but an excellent attorney who will keep you informed every step of the way, will always respond thoughtfully to your questions and concerns, and will treat you like a person instead of a 15-minute billable increment — that’s a keeper. While I hope I never again find myself in a situation where I need an attorney to help me with debt relief, if I do I know who to call. I would not hesitate to recommend Darcel to anybody in a similar situation.”
“She made the process of my Chapter 7 case extremely easy. She was very informative and responsive. When I had questions, she was able to answer them so I could understand. I highly recommend her. It was joy to work with her, during a stressful time in my life. I appreciate her very much.”