Lose House in Bankruptcy
Question: If a person declares bankruptcy because of high credit card debt and owns a house with little or no equity in it, will they still lose the house as long as the payments are still made. Thanks
Answer: In general, no, if your house has no equity, you will not lose your house if you file bankruptcy. To confirm this, speak to a bankruptcy trustee before you decide to file. However, it is ultimately up to the mortgage company whether or not they will allow you to keep your house while bankrupt, so you should also get confirmation from them before you go bankrupt.