Many bankruptcies are filed specifically to protect a debtor’s home. A home with a significant amount of equity may require that you reorganize your debt to pay it off. On the other hand, a home which is “underwater” or where the amount of debt owed on the home exceeds the value of the home can usually be retained through the bankruptcy. If you have missed payments and are facing foreclosure, a Chapter 13 bankruptcy may be an appropriate solution to allow you additional time to make up the back payments over the life of your plan. In some cases, you may owe more on your first mortgage than your home is worth. If this is the case, we may be able to help you “strip” additional mortgages from your property and treat them as unsecured debt in your Chapter 13 bankruptcy plan. If you are in the process of obtaining a loan modification, please let us know so that we can factor this in to your case planning. It is common for our clients to seek modifications, before, during and after filing bankruptcy.