Turner & O'Connell, Attorneys at Law
Serving Pennsylvania since 1984
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Harrisburg Pennsylvania Legal Blog

Will I lose my home if I file Chapter 7 bankruptcy?

If you are faced with a situation where you are considering filing Chapter 7 bankruptcy, you should know there is no shame in doing so. Filing bankruptcy is an option many people use to give themselves a fresh start after an unexpected crisis throws their finances into chaos. It can happen to anyone.

It is also worth knowing what Chapter 7 bankruptcy entails, and what your options are for keeping your assets. There is often a fear that people who file bankruptcy will lose their home. Is this inevitable with Chapter 7 bankruptcy?

Debt without degree - a bitter predicament

People go to college in hopes of bettering themselves economically. But in the system we have today, college loan debt and underemployment can make it impossible to succeed.

The worst is when the debt forces you out of college, and the only jobs you can get don't pay enough to reduce that debt - which is now useless to you.

Which form of bankruptcy is right for you?

Your situation might feel hopeless if you are drowning in debt, but you always have options. One way to relieve this debt is to file for bankruptcy, though there are a few different types available. Chapter 7 and chapter 13 bankruptcy handle debt in different ways that could be a good fit for you.

An experienced bankruptcy attorney can discuss the following questions with you to guide you on the best course of action:

Why your bankruptcy attorney matters

You can tread water for a long time, but eventually it catches up to you. When you realize your debt has gotten too deep, it's difficult to swim out. Spending money is what caused the problem -- whether it was expensive personal items or a forced cost like extensive medical bills -- so it's hard to think about hiring help to resolve the problem.

But would you rather be tossed a patched-together life preserver, or board a ship and sail away?


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