If your home is at risk because you have more equity than the amount of the homestead exemption, Chapter 7 might still save your home.
Both Chapter 7 and Chapter 13 can wipe away judgment liens. But doing so under Chapter 13 can be better when used with its other benefits.
Chapter 7 doesn’t wipe away “statutory liens.” But Chapter 13 gives you a safe and flexible way to deal with them.
Bankruptcy can’t write off certain kinds of debts. Chapter 13 enables you to prevent liens hitting your home from those debts.
Bankruptcy can’t write off certain kinds of debts. Chapter 7 may give you enough help to avoid liens on your home from those debts.
Chapter 7 doesn’t write off any divorce-based debts. But Chapter 13 DOES write off non-support divorce debts.
Chapter 7 sometimes doesn’t give much help with tax liens. But Chapter 13 hugely helps with tax liens already recorded, and stops new liens.
If you are behind on property taxes on your home, Chapter 7 often doesn’t give you enough time to catch up. But Chapter 13 likely would.
If you are behind on your mortgage and want to sell, you may be able to delay the home sale for years and pay the arrearage out of the sale.
“Stripping” off a second mortgage has major immediate and long-term benefits.
You have much, much more time to catch up on unpaid mortgage payments, as well as any unpaid property taxes.
This 4th of July make your move towards financial freedom. Get informed. You’ll feel tons better once you know your options.
These 10 tools, especially used in combination, can defeat your mortgage debt and other home-based challenges.