Have the flexibility to sell your home when you want, giving time for it to add equity, while keeping creditors away from that equity.
Protect the equity in your home from your creditors through either of the consumer bankruptcy options.
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.
One of the most important distinctions between these consumer bankruptcy options are how they help or donât help with support arrearage debt.
Stripping a mortgage from the title to your home could save you a tremendous amount of money.
Bankruptcy helps with your property taxes either by writing off your other debts or by buying you more time to catch up.
An underappreciated benefit of filing bankruptcy is that you can usually remove judgment liens from your home’s title.
If you are leaving your mortgage(s) behind, what are the advantages and disadvantages of doing so within the two main bankruptcy options?
How do these two consumer options help with your home mortgage(s)?
After covering Chapter 7 last time, now how does Chapter 13 help you keep (or surrender) collateral on a debt?
How does bankruptcy treat something you bought–furniture, an appliance, or some electronics–when that thing is collateral on a debt?
The second scenario, the Chapter 13 solution for keeping a vehicle if you’re behind on payments.
Two similar scenarios, two very different solutions for keeping a vehicle if you’re behind on payments.