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John T. Turco & Associates PC, LLO
Home » Bankruptcy Law » Keeping Your Home & Car

Keeping Your Home & Car

Filing bankruptcy immediately puts a stop to foreclosure on your home and repossession of your car. But what comes next? At the end of the day, are you going to be able to keep your home and car?

At John T. Turco & Associates in Omaha, our lawyers help clients understand all of the possible consequences of filing bankruptcy before we move forward with a case.

The Effects of Bankruptcy on Your Home

Your ability to keep your home in bankruptcy partially depends on why you are considering filing. People who file bankruptcy because they cannot afford their mortgages are in a different situation from homeowners who file bankruptcy because of other debts such as credit cards or medical bills.

Keeping your home in a Chapter 7 bankruptcy depends on the state in which you live:

  • In Iowa, you can keep ALL of the equity in your home if the debts existed before you purchased your home.  If some debts were created after you purchased the house, your attorney will calculate how much equity is protected.
  • In Nebraska, you can only protect up to $60,000 of equity in your home.  (Chapter 13 bankruptcy is a much better alternative if you exceed this amount).

If you are behind on your mortgage, Chapter 13 bankruptcy will allow you to pay your arrears (back mortgage payments) over a three- to five-year period. You will still need to keep up with your current payments moving forward.

The Effects of Bankruptcy on Your Vehicles

A car is treated similarly to a home in some ways, but different in other ways. One big difference is the so-called 910-day rule. If you file Chapter 13 bankruptcy on a car that you bought less than 910 days earlier, you will have to pay back the full amount of the loan over the course of the repayment plan. After 910 days, on the other hand, you only have to pay back the book value of the car.  Of course, you can also give the car back and pay nothing.

Our attorneys will carefully examine all aspects of your financial situation in order to fight for you to keep your home and car in bankruptcy. If you are filing for Chapter 7, it is especially important to know beforehand whether any assets will be sold off by the court.

Contact us to get the skilled, detailed attention you need when you are trying to keep your home and car while filing bankruptcy or to arrange a free initial consultation. If you cannot come to our Omaha offices, we can consult with you by telephone.

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This site is not intended to constitute legal advice, nor does it create an attorney-client relationship. The materials on this site are not guaranteed to be complete or current, and they should not be relied on as a substitute for legal advice. This site conveys general information related to bankruptcy law in Omaha, Papillion, Bellevue, Gretna, Council Bluffs and surrounding communities. If you are contemplating or involved in any matter in which legal advice or other expert assistance is required, the services of a competent professional should be sought. The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. Memberships and offices in legal fraternities and legal societies, technical and professional licenses, and memberships in scientific, technical and professional associations and societies of law or field of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that such lawyer is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa.

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(402) 933-8600
  • Free Bankruptcy Consultation
  • Home
  • About
    • Meet Our Bankruptcy Lawyers
    • Client Reviews
  • Bankruptcy & Debt Relief
    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 13 Bankruptcy
    • Small Business Bankruptcy
    • Bankruptcy and Divorce
    • Car Loans and Repossessions,
    • Credit Card Debt and Personal Loans
    • Foreclosure Assistance
    • Gambling Debt
    • Lawsuits and Garnishments
    • Liability Claims and Lawsuits
    • Medical Bankruptcies
    • Student Loan Debt Relief
    • Unemployment and Disability
    • Unpaid Taxes
  • Bankruptcy 101
    • Understanding Bankruptcy
    • What Type of Bankruptcy Do I Qualify For?
    • How to File for Bankruptcy
    • Life After Bankruptcy
    • Debt Collection Practices
    • Credit Reporting Practices
  • Client Resources
  • Blog
  • Contact
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