Hello, my name is Bety, a working hard mother of 3 boys. If someone knows about my questions please answer me. This is my first time asking a ? Here. Bety

As long as you can afford the payment on your home, you will be allowed to reaffirm on that loan. You can do the same thing on a vehicle loan as well.

If you can't pay for it, then you would have to let it go back to the bank in the Bankruptcy, same thing applies to a vehicle loan too.

Betty,

Have you ever been part of a previous bankruptcy?

Your absolute best option is to talk to a Bankruptancy Attorney. Most Attorneys will allow a free consultation for the first visit.

Things you should be aware of. Once you advise your creditors through your attorney that you are seeking protection under the US Bankruptcy laws, all phone calls, letters and threats cease immediately. All of the creditors you name in the Bankruptcy will only be allowed to contact your attorney.

As to your house, that will be something that your attorney will need to work out with the creditor holding the mortgage and then present to Commissioner or Federal Magistrate hearing your case.

If the relationship between yourself and the creditor have rotted to badly, they may take the position that they do not want a re-affirmation with you. There are a ton of variables in that pot of soup. One thing in your favor is that if you do choose to bankrupt them, they may realize that because of the current mortgage problems in the industry, re-affirmation with you yields a better deal for them.

Please seek the advice of an attorney as quickly as you can before relationships with your creditors gets worse.

Hello Betty, well first we don't have enough info, Is there a mortgage on the home, this is important you are allowed a certain amount of exempt property. So as long as you re-affirm your debt and keep up the payments if you have a loan on it, you should be able to keep it.

The other issue no one has mentioned here is if the home has homestead on it. That's important too. Also if you are filing Ch 7 or 13. You will need to use an attorney and they can advise you on all this. Usually your homestead is protected providing you can afford the payments