Bankruptcy can help you if you are having trouble with a mortgage. Many people call us to help save their homes.
Chapter 13 bankruptcy can provide a plan for you to keep your house if you are behind on the payments. It puts you on a payment plan to catch up on your house payments. As long as you make your monthly bankruptcy payments, your house is safe from foreclosure.
Sometimes people don’t want to keep their home. It may be because the home has been damaged or it may just be that someone can’t afford the payment anymore.
Chapter 7 provides a way to surrender the house to the mortgage company and walk away from the debt. After filing Chapter 7, you would no longer owe the mortgage.
However, you don’t always have to lose your home in Chapter 7. If you are up to date on your house payment, then it is often possible to continue paying the debt and keep the property after filing a Chapter 7 bankruptcy.