How long can you stay in your home after filing for Chapter 7 bankruptcy?

Many people get a fresh start after filing for Chapter 7 bankruptcy. As to how long can you stay in your home, the answer depends on whether your equity in the property is considered exempt under the bankruptcy laws in your state. The bankruptcy trustee handling your case will be able to liquidate or distribute only assets that are non-exempt. If the total equity in your home is exempted, then you can continue to live in your home, provided you pay for any outstanding mortgage.

If you are renting, filing for bankruptcy should protect you from eviction proceedings, provided that a writ of eviction had not yet been issued by your landlord before you filed for bankruptcy. Chapter 7 bankruptcy brings about an automatic stay against all actions by creditors.

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