Save Your Home from Foreclosure
Posted By
Trey Cain on May 7, 2011 11:15am PDT
A Chapter 13 bankruptcy can save your home, even if you are behind on payments. Filing bankruptcy stops a foreclosure sale in it's tracks, no matter how soon your foreclosure is scheduled to take place. It is not true that when a Chapter 13 bankruptcy or a Chapter 7 bankruptcy petition is filed, the debtors assets are liquidated. Even if you are behind on your payments, if you are employed and you can show that you can pay your mortgage (and the arrearage) over a 60 month payment plan, you can keep your home with a Chapter 13 bankruptcy. Most people who have been lucky enough to keep their jobs or who are recently employed, when their other debts are discharged, have enough money to pay their mortgage.
A Chapter 13 plan will be confirmed if you earn enough money to cover minimal monthly expenses plus payments on whatever secured property you choose to keep (i.e. your home or your cars). Your creditors do not get to choose what you pay. As long as your Chapter 13 plan conforms to the Bankruptcy Code, your creditors do not get to object to what they are repaid. A Chapter 13 bankruptcy can relieve the pressure that might cause you to succumb to creditors demands that in many cases results in the loss of your most important asset, your home. Contact a
bankruptcy attorney in Franklin, TN to discuss your options before your home is foreclosed.