Real and personal property exemption while filing for bankruptcy protection

Whether you will lose your home depends on many different factors including the type of bankruptcy case you may be eligible for. A Chapter 13 case could be an option for you if you qualify, and you can generally keep your home in a Chapter 13 if your payment plan provides for the mortgage payments. Your payment plan will have to account for the fact that the interest-only payments are likely to end during your Chapter 13 Plan. Especially because you have 2 children to think about and to provide for, I recommend that you speak with an experienced bankruptcy attorney (I keep saying this) who can help give you the information that you need to evaluate your options.