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Last Updated on July 29, 2020 By Russ Cope

How do I keep my house and car if I file bankruptcy?

Reader’s Question: I owe on my house and 1 car and want to keep those, how do I do this if I file bankruptcy, also I am employed but have taken a serious cut in my income, I must keep my job but I don’t make enough anymore to pay my bills and I am behind on my mortgage.

Ohio Bankruptcy Attorney Russ Cope’s Answer

Loss of income is a very common reason for considering bankruptcy relief, especially in the age of government furloughs and shutdowns. Chapter 13 bankruptcy can protect your home and force the mortgage company to allow you to catch up on your mortgage payments. It can also eliminate a substantial portion of your unsecured debt (e.g. credit cards, medical bills, etc.) so that you have enough money to live on even after a reduction in income. The Chapter 13 would also protect your car that you owe on, even if there is equity in the vehicle.

It is more difficult to keep a house in a Chapter 7 if you are behind on the mortgage payments. However, there are bankruptcy planning strategies that could help you get caught up on the mortgage by strategically missing certain other debt payments. So long as you are current when the Chapter 7 is filed, or you can become current relatively quickly thereafter, then you will be able to reaffirm the debt with your mortgage company and keep the house. However, you must meet the income eligibility requirements in order to be able to file for Chapter 7. Your income is determined by calculating the last 6 months of income. This is called the Means Test. If your wages were reduced recently, then the 6-month average may still be too high to qualify for Chapter 7 relief.

It is important to contact a qualified local attorney quickly so that you understand all of your options.

About Russ Cope

Russ B. Cope is dedicated to legal standards that go far beyond filing cases — he is interested in your goals. Russ wants to be certain that each client is making an informed decision that will make their life better, and thrives on the interaction between lawyer and client.

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Latest Posts

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Dayton Office

6826 Loop Rd
Dayton, OH 45459
Map & Directions

Phone: 937-401-5000
Fax: 877-845-1231

Downtown Dayton

11 W Monument Ave, Ste 300
Dayton, OH 45402
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Phone: 937-648-0100
Fax: 877-845-1231

Springfield Office

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Springfield, OH 45504
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Phone: 937-284-8139
Fax: 877-845-1231

Vandalia Office

812 East National Road, Suite A
Vandalia, OH 45377
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Phone: 937-387-1598
Fax: 877-845-1231

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