If I file for bankruptcy and own a house in which I still live and the mortgage is up to date can I keep it?

[arvad]

I live in NSW Australia... I am looking down the barrel of bankruptcy - I have resourced all other options including debt agreements and have been told that bankruptcy may be my only option. I owe 50,000 in personal debts 2 credits cards and a personal loan which I want to include in my bankruptcy.

I also have a mortgage for a house in which I live and the mortgage is up to date and is a secured debt that I do not wish to include in my bankruptcy as I need to keep the house in which I live as I have no other place to live and I am still employed although my wage is not very much.

I am desperate for advice from anyone in Australia who has had a similar experience and managed to keep thier house - those with financial law knoweledge please answer. The stress is making me sick I have a child who lives with me in this house too and my ex-partner has ownership rights over the house although the mortgage is in my name she has signed an affidavit as have I that she is legally part owner of this house as she contributed to the deposit and also the repayments.

I had a good credti rating before my debts accumulated - unfortunately I went through a period of redundancy and illness and literally had to live off credit to pay my medical bills and survive and although I am now working again my wage is only 600.00pw and I pay 401.00pw towards my mortgage ( which is up to date) and the rest goes on food and petrol for my car to get to work. I have no other assets.

I have looked up the ITSA website but it doesn't say anything about my specific situation.

Please help.

[warton26]

Well it really depends on your case best thing to do is see an attorney they should give you a free consultation. I would say that if you owe more than your house is worth then yes you should be able to keep it as long as you are current on payments. If you have equity in you home they could possible take the home to use the equity to pay off your debts. But again an attorney would be better to talk to.