When your finances spiral out of control to the point where they become unmanageable, you may start looking for ways to recover. You may have heard that others who filed for bankruptcy wound up having to surrender their homes in the process, and you may have questions about the fate of your own home.

According to Homeguides.sfgate.com, losing your home after filing for personal bankruptcy is not an absolute certainty. Instead, it depends on several variables, including how much equity you have in the house, how current you are on your mortgage and whether you file for Chapter 7 or Chapter 13 bankruptcy.

In a Chapter 13 bankruptcy

With a Chapter 13 bankruptcy, you create a manageable repayment plan to dig your way out of debt, and you may be able to keep your home if you stay on top of the plan and pay your mortgage payments on time each month.

In a Chapter 7 bankruptcy

When you file for Chapter 7, you may have to surrender your home to pay off creditors, but this is not definite. Instead, it depends on how much “nonexempt equity” you have in the property. Whoever handles your bankruptcy case must sell any of your assets that are “nonexempt,” so he or she may help you determine whether your home qualifies as such.

If you want to stay in your home and plan on filing for Chapter 7, it is important that you make timely mortgage payments. Doing so may increase the odds of you being able to hang on to your home.