Re: Can I keep my home

Your question can only be fully answered after a comprehensive consultation. If you wanted to keep your home you would likely have to do a Ch. 13 case because you have too much equity to protect in a Ch. 7. Depending on what exemptions you qualify for, you'd likely have to repay at least $100,000 over the course of your ch. 13 plan, but of course I'm just throwing very rough numbers out, not having all the necessary information.

Re: Can I keep my home

I am not sure which state you are in, but the new law allows only $125,000 max in equity in a home, and it may not be even that much depending on your state exemptions. Your auto insurance should be handling the matter for your defense. Usually the plaintiff will settle with the insurance and not go after the defendant for more than the insurance amount. If you do lose the lawsuit for more than your insurance policy limits, it may not be discharged if you were under the influence at the time of the accident. It would be wise to discuss this matter with both your defense attorney and a qualified bankruptcy attorney to obtain more specific information.

Re: Can I keep my home

Strategically, you should tender defense and indemnity to your insurance carrier. Send them by overnight mail a copy of the summons, complaint and other accompanying papers with a letter of tender. I agree with my colleagues that usually insurance companies will settle within policy limits. Saves you trouble of going through bankruptcy. If there is a trial and judgment in excess of policy limits, then, certainly, bankruptcy might be considered.