Because of Chapter 13’s much more powerful automatic stay, its ability to prevent judgment liens and tax liens is extremely valuable.
Chapter 7 strengthens your hand with your secured debts. But Chapter 13 can be much stronger. Starting with a more potent “automatic stay.”
Stop secured creditors from taking your property, unsecured debts from turning into secured ones. Keep or surrender collateral as you wish.
Creditors with secured debts often have much more leverage against you than with unsecured debts.
Chapter 13 can be an effective way to temporarily or permanently hold on to business and investment real estate equity and income.
Chapter 13 can be an effective way to keep or unload business and investment real estate.
Chapter 13 is often a better way to get sell real estate, especially if you have other financial complications.
Chapter 7 writes off your mortgage debt as well as many other debts. It might be a way to pay your “priority” debts as well. If you own real estate that is NOT your home, and you’re considering bankruptcy, there’s a good chance that real estate is part of what’s dragging you down financially. Maybe you made an investment that turned sour. … Read More
Whether you can keep other real estate depends first on whether it’s “exempt.”
A support obligation is a very special kind of debt, and the resulting lien on your home has to be dealt with in a very special way.
Bankruptcy cannot remove contractor’s liens or other statutory liens from your home, but both Chapter 7 and 13 can help you deal with them.
The potential ability to get rid of judgment liens from your home’s title is an impressive benefit of bankruptcy.
Letting a creditor get a judgment against you is dangerous, for a lot of reasons. One of the biggest dangers is a judgment lien on your home.