Bankruptcy helps you catch up on property taxes: Chapter 7 discharges other debts, Chapter 13 helps with your mortgage & other special debts. Bankruptcy Stops a Property Tax Foreclosure Filing either a Chapter 7 “straight bankruptcy” or a Chapter 13 “adjustment of debts” case stops a foreclosure by your property tax authority. Filing bankruptcy stops most forms of debt collection … Read More
Bankruptcy helps with more than just your mortgage. You can avoid, or deal constructively with, judgment, income tax, support and HOA liens. Last week we gave you 7 ways that bankruptcy can either save your home now or protect it going forward. Here are the remaining 8 ways (#8 through #15), mostly involving involuntary liens placed on your home … Read More
If you need more time to sell your home, you can usually get more time than under Chapter 7. Can maybe even delay selling for several years. Our last blog post was about the relatively long time Chapter 13 gives you to catch up on your mortgage. Besides the 3 to 5 years it gives you, Chapter 13 also … Read More
Here’s an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.
As you decide whether to use the powerful tools of Chapter 13 to hold onto your home, it helps to know that you can later change your mind.
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.
If you’re behind on your home mortgage, when would a Chapter 7 regular bankruptcy be enough vs. needing the benefits of a Chapter 13 plan?
Chapter 7 “straight bankruptcy” & especially Chapter 13 “adjustment of debts” come with some truly powerful tools for preserving your home.
Bankruptcy will stop a foreclosure fast. But there are some very good reasons to get your ducks in a row early.