What Happens with my House if I file Bankruptcy in Nevada?
In a Chapter 7 Bankruptcy, you may keep your primary residence if you can stay current on your payments and the amount of equity in the home is below the appropriate level. If you have owned your primary residence for less than 1,215 days you can retain up to $125,000 in equity.
If you have owned your primary residence for more than 1,215 days you may retain up to $550,000 in equity. This protection is due to the “homestead” laws. As such, this protection only applies to your primary residence and not a second home, investment property, or vacant land.
If you are late on your mortgage payments and wish to keep your home, you can include the past due payments in your Chapter 13 payment plan. Under a Chapter 13 Bankruptcy you will have to make the regularly scheduled mortgage payments in addition to your Chapter 13 plan payments.
If you own other property besides a principal residence, what happens with your property will depend on your situation. Please contact us to arrange a free consultation to discuss.