Easy.  You will not lose your home by filing bankruptcy.  In Arizona, a family can file bankruptcy and protect their home and it’s equity up to $150,000.  Most homes have limited or small amounts of equity and a homeowner merely needs to remain current on their mortgage payments to keep their home.  If a home has significant equity, we often advise clients to get a residential appraisal prior to filing a case.  That said, we have filed many thousands of cases and never had a debtor lose their home from having filed bankruptcy.

In the rarest of instances, a home could have equity that creates concern.  An attorney will carefully review scenarios where a homeowner has significant equity created through fraudulent transfers or preferential pay downs, or recently purchased a home with liens improperly perfected.  When these rare scenarios exist, a homeowner is advised not to file bankruptcy.