Can I save my home with a chapter 7 or 13 Bankruptcy

Bankruptcy Petition:

Signing a bankruptcy petition can bring temporary relief from a foreclosure action. A bankruptcy petition is the last option for borrowers who are unable to manage their debts. There are two forms of bankruptcy for individuals, Chapter 7 bankruptcy which in due course cancels out most debts, including mortgages, and Chapter 13 bankruptcy which allows the borrower to rearrange payment of outstanding debts, which can be partially canceled.

Chapter 7 and 13 bankruptcies are essentially different in the way they handle mortgage debt and possession of your home. It is very important that you provide all financial obligations and past debt information to your attorney because debt obligations overlooked or missed may come back to haunt you in years to come. Our Bankruptcy Lawyers can help you make the right legal decisions; they will provide effective solutions for your specific bankruptcy needs.

Saving Your Home with Bankruptcy

Helping you save your home in several with Bankruptcy. The first way is with the automatic stay. Once you file for bankruptcy, the automatic stay stops creditors plus your mortgage company from pursuing collection actions. This temporarily stops foreclosure, repossession and collections. Under Chapter 7 bankruptcy the automatic stay will last only a few months. It will not be a permanent fix, but it can help you buy some time to find a long-term solution.

Home Saving Repayment Plan in Bankruptcy

Bankruptcy can help save your home with a repayment plan. A Chapter 13 bankruptcy allows you to repay what you are behind over a period of 3 to 5 years. For example, if you owe $20,000 in arrears on your home loan, and you file a Chapter 13 bankruptcy which allows repayment of the $20,000 in monthly installments on top of your current mortgage.

Home Protection in Chapter 7 Bankruptcy

When filing a Chapter 7 bankruptcy, there are a few options that can save your home and property.

A good bankruptcy attorney will be able to tell you if your home would be at risk and can advise you if there are ways to protect your home. Having a good bankruptcy attorney on your side is very important because he or she will be able to determine the best course of action to save your home.

Assuming your home can be protected, it is possible to safeguard it by using the correct bankruptcy exemptions. Bankruptcy exemptions can protect certain types of property during bankruptcy.

Homeownership and Bankruptcy

It is important to remember you can never keep a home without paying for it whether you file for bankruptcy or not.

If you receive a chapter7 bankruptcy discharge, you will not owe a deficiency after foreclosure and you walk away free and clear. Our affordable bankruptcy attorney can determine if chapter 7 bankruptcy is right for you and if you qualify for chapter 7 bankruptcy by taking a means test.