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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. To learn more, contact us to arrange a free initial consultation.

Assessing 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 and medical bills.

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

Keeping your home in a Chapter 7 bankruptcy depends on the state. In Iowa, if you own your home before filing bankruptcy, you can keep it no matter what. In Nebraska, if you have more than $60,000 worth of equity in your home or you are unmarried and have no children, you may not be able to keep the home in Chapter 7. However, Chapter 13 may still be an option.

Understanding Special Rules for Vehicles

A car is treated similarly to a home in some ways, but differently 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.

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.


We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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.