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Will I lose my home if I file for bankruptcy?

Many people think that if they declare bankruptcy, they will lose their houses. However, declaring bankruptcy may actually help you keep your home. Filing for Chapter 13 bankruptcy may allow you to agree on a repayment plan that minimizes your monthly mortgage payments, so you can pay your mortgage over time. Chapter 7 bankruptcy does not guarantee that you will keep your home, however there are ways to re-organize your debt payments to better allow yourself to pay your monthly mortgage payments. Talking to a bankruptcy attorney can help you understand which options are best for your situation.

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