What happends when you surrender a home

[Ive]

I want to do a chapter 7 bankruptcy in California; can you surrender a home in a bankruptcy and still pay for and keep the home? I have herd that as long as you pay for the home you can keep it. But how is that worded.

[Ive]

If you surrender a hous: in a CH 7 and the can you change your mind.

[scla]

If you are surrendering your home then you are indicating that you do not want to keep the home and continue to make the payments on the home. If you plan to keep the home then you must state on the bankruptcy petition that you intend to keep the home and make the regular monthly payments. If you initially indicated that you intended to surrender the home, but later changed your mind, you can amend your petition.

[Ive]

Thanks

Thanks for the info. You don't have to specify weather you want to afferm are surrender the property just add a statement ( in the bankruptcy petition that you intend to keep the home and make the regular monthly payments). What will happend if in 3 years I can't keep the house will I sill have the protection of the forclosure.

[liz417]

I'm in California too and included my home in my BK, I continue to make payments but have the option of "walking away" at a later time since the mortgage was discharged in BK.

[Ive]

Bk

How was it worded in your petition? to be able to walk away later.

[Ive]

I am married but my wife is not filing a chapter 7 with me. How does that effect my income and exemptions with Federal law? Does my wife count a as dependent in my chapter 7 filing?