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We want to hold on to our Real Estate. Is there a chapter under bankruptsy code that will allow this? We also have a cash reserve of around 200K; would we be allowed to hold onto this?
Bankruptsy when you own primary and investment property
bankruptcy
Hi P,
Whether or not you can hold on to your real estate, depends on the type of bankruptcy. It also depends on the foreclosure. If your real estate was on foreclosure, and you have applied for a chapter 7 bankruptcy, the foreclosure can continue if the lender had initiated the foreclosure before you had applied for bankruptcy. However, if the foreclosure was initiated after the bankruptcy, the foreclosure may stop.
However, if you are filing a chapter 13 bankruptcy, you should consult a real estate lawyer.
Hope this helps.
Regards,
Aaron