Photo by Ronnie George on Unsplash. Chapter 13 works with the pandemic’s mortgage payment forbearance process so that you can sell your home if and when you’re ready to do so. Last week we showed how Chapter 7 helps you take advantage of the pandemic foreclosure moratorium when selling your home. Today we show how it works even better with … Read More
Photo by Kent Rebman on Unsplash. When selling your home during this foreclosure moratorium rollercoaster, Chapter 7 bankruptcy maximizes your sale price and protects sale proceeds. In the last two blog posts we presented 10 ways bankruptcy significantly helps you take advantage of the foreclosure moratorium. One of those ways—from two weeks ago—was in the context of selling your home. … Read More
Photo by Phil Hearing on Unsplash The CARES Act allows up to 12 months of forbearance on federal backed mortgage payments. When and how must you pay those missed payments? Last week we presented the new law allowing forbearance—skipping payments—on federally backed mortgages during the pandemic. Basically, if the pandemic has hurt you financially you can request and receive … Read More
Chapter 7 clears away your other debts so that you can afford to pay your home mortgage. Chapter 13 does so by helping you deal with special debts. Both Chapter 7 and Chapter 13 Improve Your Cash Flow A Chapter 7 “straight bankruptcy” case would very likely quickly write off (“discharge”) many of your debts. For many people it discharges most … Read More
Every month you can put off foreclosure buys you crucial time to get money together to make your move to your next housing. Last week we went through a list of ways Chapter 7 buys you time when dealing with a home foreclosure. Included was that filing a Chapter 7 case “can give you time to surrender your … Read More
If you get behind on payments on your vehicle or home, in many different situations Chapter 7 buys you the time you need. In the last several weeks of blog posts we’ve given many examples of how bankruptcy can buy you time for your vehicle and for your home. Here’s a summary how a Chapter 7 “straight bankruptcy” filed … Read More
If you own a home with a qualifying 2nd or 3rd mortgage, one of the best reasons to file a Chapter 13 case is to “strip” off that mortgage.
If behind on property taxes on property with a mortgage, that likely puts you in default on the mortgage itself. Chapter 13 can fix this.
If you’ve fallen behind on your mortgage, it’s very hard to catch up. It may even seem impossible. Chapter 13 makes it possible.
Here’s an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.
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.
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.
You have much, much more time to catch up on unpaid mortgage payments, as well as any unpaid property taxes.
Chapter 7 strengthens your hand with your secured debts. But Chapter 13 can be much stronger. Starting with a more potent “automatic stay.”