Can you keep your home if you file for bankruptcy?
If the equity you have in your home is fully protected by an available “exemption” and you can get and stay current on your mortgage payments, your chances of keeping your home are good. However, if your equity in the home is significantly more than the amount you are entitled to keep (the Alaska Homestead Exemption is $72,900), you might lose your home if you file under Chapter 7. In that situation, Chapter 13 may be a better option.
If you are behind on your mortgage payments, the story is different. In a Chapter 7 case, the lender will probably be able to get permission from the Bankruptcy Court to initiate foreclosure proceedings. However, if you file for Chapter 13, you have more options. If you have enough disposable income to propose a plan that a) makes your regular payments on your mortgage and b) pays off your arrearages within a reasonable period of time, you will be allowed to keep your home as part of your Chapter 13 case.
So, the factors that need to be considered are: Equity, Fair Market Value, Mortgage costs; Mortgage arrears; Liens, Income, Exemption amounts etc.