In a Chapter 13 case you can schedule to sell your home as part of the court-approved plan, or leave it more flexible.
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.
Stripping a mortgage from the title to your home could save you a tremendous amount of money.
How do these two consumer options help with your home mortgage(s)?
Could you afford your home if you didn’t have to pay your other creditors or didnât have to pay second mortgage payments?
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.
Bankruptcy can buy you a few more months or even several years, so you can sell your home when you’re financially and personally ready.
Although either kind of bankruptcy will stop an approaching foreclosure, which one should you choose?
Either Chapter 7 or 13 will stop a foreclosure, even if your lender unintentionally or purposely proceeds with the foreclosure sale.
Being behind on property taxes is usually a breach of your mortgage. Chapter 13 protects you from your mortgage lender so you can catch up.
We end this series on Chapter 13 with some illustrations of how it works and why it can be so great.
Bankruptcy will stop a foreclosure fast. But there are some very good reasons to get your ducks in a row early.
Timing your bankruptcy filing right can give you more time in your home before surrendering it to your lender.