What Happens To Your Home If You File Chapter 7 Bankruptcy?

With the new bankruptcy law, a debtor must make a choice

, either to reaffirm or to surrender, and if you do not make a choice, the default is to surrender the property. But in pre-BAPC PA filings, you did not have to make a choice. In many of these cases, lenders were happy to have the payments and debtors regularly retained possession of their homes without reaffirming any personal liability there to. The primary downside to retaining possession without reaffirming when you File Chapter 7 bankruptcy was to a debtor's credit. Since there was no reaffirmation of the personal liability, your credit would not reflect that you did, in fact, make your regular payments.

What Happens To Your Home If You File Chapter 7 Bankruptcy?

By: Smith Bryan

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