Bankruptcy lawyers are frequently asked about whether or not they can keep their house if they file for bankruptcy. In general, the answer is yes, so long as you have no more than $125,000 equity. There are certain circumstances, however, that will warrant further investigation. In general, though, Washington State allows a fairly generous protection with regard to those who file for bankruptcy and want to keep their house.
It is important to also note that, in general, you must be able to make your regular monthly mortgage payments to keep your house. Washington Bankruptcy attorneys are also often asked about whether Congress has passed a new law that allows them to lower their mortgage payment. There has been a lot of talk in the press about this subject. As of you yet, the answer is no. The Bankruptcy laws do not allow you to lower your mortgage payments in either a Chapter 7 or a Chapter 13 bankruptcy petition or a post-petition action.
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