Will You Lose Your Home?
If you are considering bankruptcy, you may be concerned about the possibility of foreclosure and may experience harassing creditor calls on a regular basis. Fortunately, the skilled attorneys at Christman & Fascetta LLC can help you protect your home. We have over 25 years of bankruptcy experience and have filed over 25,000 separate bankruptcy cases in Maryland.
Factors Affecting Possible Foreclosure
Once you file for bankruptcy, creditors are no longer allowed to harass you for payment, and impending foreclosures may be halted. However, in order to determine whether you may keep your home, you need to carefully evaluate your current level of equity as well as your ability to pay your mortgage.
- Determining equity levels: When you file for either Chapter 7 or Chapter 13 bankruptcy, you are allotted a certain level of federal and state exemptions. You may retain certain assets such as your home and automobile as long as their total value remains at or below these exemption maximums. To determine your equity value, take the market value of your home and subtract your mortgage and loan balances. If your equity value is above the exemption level, you may either sell your home to repay debts or re-buy your home from the estate’s trustee.
- Meeting mortgage payments: If you are able to retain your home, you need to evaluate whether you can feasibly maintain regular mortgage payments. If you are unable to pay your mortgage, your home may be foreclosed. Families can choose to sell their home and move to a more affordable property to lessen their financial burden and prevent future foreclosure.
Our experienced attorneys can carefully evaluate your primary residence and determine whether you can continue to comfortably live in your home. We will explain all of your options and develop a custom plan for your family with your personal goals at the core of our strategy.
Contact Our Strategic Attorneys
Christman & Fascetta LLC will work closely with you to address your financial concerns and help you retake control of your financial future. Call us at to discuss your bankruptcy options, or contact our lawyers online. While our main office is located in Towson, we have two other office locations in the Baltimore region for your convenience.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.