What happens to my house?

In most cases, all of the equity in your home will be exempt (i.e. cannot be taken from you by the bankruptcy estate). You can elect to reaffirm the mortgage(s) and keep making your payments to avoid foreclosure. If you are already behind in your payments, you can use Chapter 13 to set up a payment plan and get caught up. Alternatively, you can elect to discharge the debt on your home and “surrender” the home to the mortgage company if you do not want to keep up the payments. There are other options as well, and a consultation is the best way to figure out what will work for you.