Am I able to keep property in Chapter 7?

[jayavant79]

May I file Chapter 7 bankruptcy in the state of Pennsylvania AND keep my home since I owe substantially more than what the property is worth (had appraisal)?

[bigun]

You can reaffirm the mortgage but, why would you want to if you've a lot of negative equity?
By reaffirming, should you not be able to make the payments post bk, you are liable for any deficiency balance.
Consider giving up the home and make a completely fresh start.

[chrismiles]

get out from under it but be and sure to take advantage of a few months of free rent while waiting for eviction...bank that cash for where you might land...

[IsabellaSoriano]

Originally Posted by chrismiles

get out from under it but be and sure to take advantage of a few months of free rent while waiting for eviction...bank that cash for where you might land...

bank the cash??? i'm pretty sure a chapter 7 trustee will confiscate that bank account.

[NC Mom in Indy]

Your bank account balance only matters the days you file, and days prior to filing a bankruptcy. That being said, if you do file and save some money for a new place while you are waiting for your bankruptcy to be completed I would not advise you to put it in the bank. Pay your bills and hold onto cash. Keep a bank account open, and perhaps you should start looking for a place to live asap.

Depending on your total debt etc. it may or may not be worth the trustee's time to collect every dime possible from you. If you have $10,000 in unsecured debt and manage to get $500 back in a tax return some trustees won't touch it. If you have $100,000 in debt and get $1000 tax refund the trustee won't want to spend the time dividing that $1000 between creditors after he takes his chunk.