Facing foreclosure? Chapter 13 bankruptcy can save your home

If you're falling behind on bills and worried about losing your home, Chapter 13 bankruptcy can stop your creditors in their tracks.

2013-03-19

March 19, 2013 (Press-News.org) Facing foreclosure? Chapter 13 bankruptcy can save your home

Article provided by Thomas F. Williams & Associates, P.C.
Visit us at http://www.lawofficetwilliams.com/

Even with the economy showing signs of improvement, many consumers are still struggling financially in the wake of the Great Recession. If you're one of them, and you've fallen behind on your mortgage payments, you may be wondering what is going to become of your home.

It can be incredibly stressful when your lender begins to threaten foreclosure. But, if you want to save your home from foreclosure, you may have an option in the form of Chapter 13 bankruptcy.

Automatic stay stops foreclosure, Chapter 13 plan allows you to catch up on mortgage payments

If you're like many Americans, you think of liquidation when you hear the term bankruptcy -- in other words, the sale of nonexempt assets to partially repay creditors before debts are promptly discharged. It's true that some Chapter 7 bankruptcies involve the sale of assets (although many filers keep all their property even in a Chapter 7 filing thanks to generous exemptions). A Chapter 13 bankruptcy, however, does not involve liquidation.

Instead, Chapter 13 is known as a "wage earner's plan." In a Chapter 13 case, you will establish a court-approved plan to fully or partially repay creditors over a three to five year term. Under your plan, debts will be consolidated, and your monthly payment should become more manageable. At the end of the three to five year term, most types of remaining unsecured debt will be eliminated completely.

Chapter 13 bankruptcy can be an important weapon in your fight to save your home. As soon as you file for bankruptcy, an automatic stay goes into effect. An automatic stay stops foreclosure proceedings in their tracks (and also stops any other collection action against you). With the protection of an automatic stay, you and your Chapter 13 bankruptcy attorney have some breathing room to work out a plan.

Under your Chapter 13 repayment plan, you will be able to cure delinquent mortgage payments over time. You must still make all mortgage payments that come due during your Chapter 13 plan on time if you wish to avoid foreclosure, but with other debts consolidated and payments lowered, this should be possible. As an added bonus, if the principle on your mortgage exceeds the value of your home, you may be able to strip second mortgages and home equity lines of credit, add these items to your unsecured debt load, and only have to repay pennies on the dollar before your unsecured debt load is discharged at the end of your three to five year plan.

Get in touch with a bankruptcy attorney to begin your Chapter 13 case

If you're facing foreclosure and wish to save your home, Chapter 13 could be the solution you've been searching for. Talk to a bankruptcy attorney today, and get yourself on track for a brighter financial future.

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