As in other states, a homeowner may be able to keep his or her home if all payments have been made on time, if the bankruptcy court approves of the arrangement as part of a bankruptcy judgment and if the amount of equity in the home is not significantly greater than the homestead exemption.
Alaska provides for a $54,000 homestead exemption for properties that are used as a primary residence. This means that the first $54,000 of equity in the home is exempt from unsecured creditors in bankruptcy proceedings and protected for the homeowner.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.