What happens to a home in bankruptcy depends largely on two elements: (1) the amount of equity in the home; (2) whether the person filing wishes to keep the home.  The homestead exemption in the State of Utah is $20,000 per person.  In other words, if the filing person has $20,000 or less equity in their home (i.e. the difference between the value and the amount owed on the home), then the person can claim a homestead exemption and protect all of the equity in the home.  If the home is jointly owned by a husband and wife and both parties file for Chapter 7 bankruptcy, then each person can claim the $20,000 exemption, or $40,000 total.  As a condition of claiming the homestead exemption, the home must be a primary residence.

What happens to your home in bankruptcy?  That depends on what you want to do with the home, how much you owe, and home much the home is worth.  Utah provides for a $20,000 homestead exemption for an individual, $40,000 for a married couple filing jointly.  In other words, a person can protect at least $20,000 of equity in the home, perhaps more.

A stay is a requirement that creditors discontinue efforts to collect from the debtor. The stay includes suspending lawsuits, refraining from sending collection letters, making phone calls,  There are considerable penalties that can be assessed against creditors who violate stays.  The creditor has the opportunity to assert their claims and ask the debtor questions in the bankruptcy action.  

The stay remains in place until the bankruptcy is discharged or until the bankruptcy court lifts the stay.  There are some limited circumstances in which the stay does not apply.

Every lender will lend after a bankruptcy, however, lenders have different underwriting guidelines as to the minimum passage of time after discharge of the bankruptcy.  Most lenders require the passage of 16-20 months after discharge before the lender will consider the applicant.