If you qualify for a Chapter 7 Bankruptcy and you are current on your mortgage payments, you can keep your home if the equity in that home is less than $150,000.00 (for most down state residents) per owner.
A home with 2 owners would have a $300,000.00 exemption.
If you are not current on your mortgage and you want to keep your home, you must qualify for a Chapter 13 Bankruptcy by having enough extra money each Month to pay into a payment plan to get current over time.
If you’re struggling with debt in New York, why not take a few minutes and call Zelenitz, Shapiro & D’Agostino at (718) 599-1111 to discuss your options. The call is free and there is no obligation.