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.
If your home is exposed to your creditors and to the Chapter 7 trustee because it has too much equity, Chapter 13 can protect that equity.
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.
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.
Here are 5 additional tools that come with Chapter 13, each one neatly solving a different challenge to your home.
Bankruptcy will stop a foreclosure fast. But there are some very good reasons to get your ducks in a row early.
See these bullet points on dealing with your home lender under Chapter 7 and under Chapter 13.