How does bankruptcy affects you if you want to keep the house?

[juniperGreen]

I have been reading through the rest of the forums. Lots of information here. So i'll be spending sometime with it.
But from your experience. Those of you that have already filed.
I have my mortgage w/countrywide.
I want to keep the house.
how does the bankruptcy affect that. What haps once you declare. Do they try to take everything you own?
Also I don't quite get this equity thing and how it affects the bankruptcy.
Hope some of you can advise.
Thanks

[lrprn]

I have my mortgage w/countrywide.
I want to keep the house. how does the bankruptcy affect that.

It depends on the state you file in and how much equity you have in your home. Equity is the true current market value of your home minus what you owe on the home (how much you owe on your mortgage plus any home-equity loans or other loans secured by the home). What state do you plan to file in?

What haps once you declare. Do they try to take everything you own?

No. Your state bankruptcy exemptions set what you can keep. If you telll us which state you plan to file, we can help you sort that and the 'equity thing' you mentioned out.

To learn the basics about how Ch 7 and Ch 13 bankruptcy, it will help you a great deal to visit these websites that do a good job explaining how each one works -

Ch 7 - http://www.uscourts.gov/bankruptcyco.../chapter7.html and http://www.moranlaw.net/chapter7.htm

Ch 13 - http://www.uscourts.gov/bankruptcyco...chapter13.html and http://moranlaw.net/13workings.htm#C...013%20practice

[Stilltheone]

We had our HELOC with Countrywide. Our attorney notified them that we wanted to keep our home and "reaffirm" with them. We were told Countrywide does NOT do reaffirmations, so we did a ride through....we kept paying on our house.

We have NO equity in our home and are upside down in it. Only thing we can't do now is pay online with Countrywide. We need to mail in our payment.

Good luck!

[juniperGreen]

reaffirmations & ride through?

what are they?
thanks