Your home may very well be the most significant asset that you own. Of course, even if the bank still owns most of it, your house is a haven for your entire family and provides a roof over their heads. People who are struggling to make ends meet may be wary of filing for bankruptcy because they do not want to lose their home, but depending on the circumstances, a bankruptcy attorney may be able to help them keep it. Below, John D. Wieser, Esq., PC of Rochester and Buffalo, NY, explains how.

File for Chapter 13

Declaring Chapter 7 bankruptcy may be the best approach for those who have little to no discretionary income, but it requires the liquidation of certain nonexempt assets. In some cases, this might include the family home. Chapter 13 bankruptcy, which is a kind of reorganization of debt, is much more flexible and often allows debtors to keep their property.

Explore All Other Options

People who have too much equity in their home may be forced to sell it in order to pay back their creditors during the bankruptcy proceedings. If this is the situation you find yourself in, a bankruptcy attorney can help you explore other debt relief options. For example, consolidating your debt would give you a payment plan similar to what you might arrange by filing Chapter 13, and it would allow you to keep the family home in the process.

If you are struggling financially, a seasoned bankruptcy attorney like John D. Wieser, Esq., PC can help you determine the best way to proceed in order to keep your family home. His legal team is proud to offer clients in Rochester and Buffalo comprehensive legal guidance in a broad range of practice areas. Call (585) 328-0660 to schedule a case evaluation with a bankruptcy attorney today and visit the firm’s website for more information.