I lose my room if I bankruptcy file?

What is bankruptcy? Bankruptcy debtors is an opportunity for people to that have a huge amount of debt from the debts are fully intact or relieved parts thereof. Bankruptcy is on loan from the debtor for ten years.Title 11 of the code of the United States handles bankruptcy transactions. Bankruptcy is a matter of federal law. Directly, bankruptcy is essentially the same in all countries with the exception of derogations. If the federal bankruptcy law is different from the law of the State, federal law of the BankruptcyThere are prevails.Types a variety of forms of bankruptcy. Chapter 7 bankruptcy is usually individuals and couples. Chapter 11, is for entrepreneurs. Chapter 12 is for farmers in families with debt problems, and chapter 13 is for individuals and couples who want to reorganize their debts. Deposits according to the needs of the debtor or the type of business would therefore be certain bankruptcy apply.Will I mean losing room if I bankruptcy file? Many fear that you will lose your houses, if you bankruptcy file debtors. However, if the House has no equity calculated by you the current value of the House and subtract sale, costs balance of benefits and all mortgage "The House to give up the trustee in bankruptcy Chapter 7". Means you can task of the House you in your home to stay and keep your House that can maintain payments on your mortgage. However, submission of bankruptcy not alleviate ownership of any voluntary liens as tax breaks, actions of trust or mortgage loans. Lenders continue to the right of the property to keep locks if payments are not made as agreed. As long as payment mortgages are on time and as agreed, all is good, because usually no Kreditgboar aims at the debtor's assets. Lenders are in the business of lending get no action property. Make your money this way. Lenders earn money if loan Hypothécaireest currently paid and to stay up to date. Locking is a last option if the debtor fails to make any payments.What is average except for the property? Exceptions are the official list of the types and values of the property of that is legally reach of the trustee in bankruptcy or creditor. Each bankruptcy of the debtor is allowed to list select legal exceptions will be available under the law of the State property and the debtor retains the selected property. Therefore chosen except property is separated from the estate of the bankrupt and is not accessible to use to pay all claims of creditors. The Bankruptcy Code allows the debtor to a fresh start, having the filing bankruptcy at the same time, though difficult to help him in his new tangible, selected departure. The properties that are allowed, the exceptions are that decided State and federal laws, and differ in states.First first things first things to do before deciding the bankruptcy file if you lose your House from submission through Chapter 7, is to determine whether it enough equity in the home. Made exceeds the debtor, in deciding whether an exemption is equal or the amount of equity in the property. If the available exceptions are found are equal or exceed the equity in the property, then this equity in the property is free and calls the debtor keep his house. This offer only or elle can afford the mortgage to pay if the exemption payment.On revenge,insufficient to protect the fairness or in other words, this equity allows exemption exceeds amount, then the debtor probably consider chapter 13 bankruptcy. In chapter 13 the debtor choice is a debt restructuring plan and the House is included in the restructuring of debts. This method allows his house to keep the debtor not complete, even if it can liquidate all other debts. AgaIl is now essential for the debtor to ensure that it can afford to pay the mortgage payments and the new amount of the agreement in the repayment plan. Otherwise, it is a waste of time and effort. During these periods, it is very important, be honest is an independent avoiding to fall into the same overwhelming is.