Bankruptcy will stop a foreclosure fast. But there are some very good reasons to get your ducks in a row early.
If you still owe more on your house than what it’s worth, you may be able to “strip” a second or third mortgage off your title.
What happens if you file a Chapter 13 case to save your home but a year or two later your income goes way down?
To demystify how Chapter 13 works, see how a relatively straightforward one pencils out.
Do you really have to file a 3-to-5-year Chapter 13 case to stop a foreclosure of your home and then be able to keep it permanently?
Even if you don’t think you can stay in your home, Chapter 7 gives you more time to save money for your move, and may buy some leverage.
A simple Chapter 13 case can be filed to do ONE special thing better than a Chapter 7 one could do, or to do MULTIPLE things better.
Would you like to favor certain important creditors over others? Often, Chapter 13 makes this possible.
See these bullet points on dealing with your home lender under Chapter 7 and under Chapter 13.
This settlement means for of the same for the New Year: “no accountability for financial institutions and little help for borrowers,” according to a NY Times op-ed.
3.8 million people whose homes were in foreclosure in 2009 and 2010 will receive $3.3 billion in cash, plus another $5.2 billion in other help.
If you qualify for both Chapter 7 and 13, look closely at how much you’d be helped by Chapter 13 before choosing Chapter 7 merely because it’s simpler.
More answers about how Chapter 13 gives you up to 5 years to catch up on your past-due mortgage.
Chapter 13 gives you up to 5 years to catch up on your past-due mortgage. How does this actually work?
Filing bankruptcy can buy you a little time or a lot of time, enough time either to transition to a new home or to save your home.