First of all, make sure that your numbers are accurate before you decide that you have too much equity in your house to do a successful bankruptcy. Second of all, equity is not necessarily the death knell of Chapter 7. Present the facts to a bankruptcy lawyer to find out your options and discuss what you are looking to accomplish. It is possible that even if Chapter 7 is not a good option, you might be able to qualify for a Chapter 13 bankruptcy and keep your house. Chapter 13 often helps homeowners who want to keep the house by using a workable plan that provides a measure of debt relief while keeping their homes and continuing to pay the mortgage.
Don’t let the fear of losing property stop you from talking to a bankruptcy lawyer. You owe it to yourself to find out your options under the law. Contact O’Connor Cadiz law at 630 250-8813 to schedule a confidential consultation to discuss your possible bankruptcy options. No charge and no obligation for the consultation. Why wait?