Consider Chapter 13 Stop Foreclosure Procedures to Keep Home and Car
This means you need to show your income, living expenses, and how you expect to pay back the payments.
There is a way to stop you from losing your house and it is to enact Chapter 13 stop foreclosure procedures. This will reorganize all of your debts into one and a debtor will begin to make payments to all your creditors in a period of three to five years. It also means you need to have steady income during the entire repayment plan. However,
if it is in between keeping your car, home, and other secure debts, it is something worth checking into.
After you file a Chapter 13 bankruptcy petition, expect to put together a proposed plan of how you will pay it all back. The trustee will take a look at all of this and then will put into place a Chapter 13 stop foreclosure from happening in your life. The important thing is you need to keep all payments current during this time. If you don’t make all mortgage payments during the repayment plan, failure may mean the bankruptcy court will lift the current plan and allow the mortgage company to start the foreclosure process all over again.
If you keep payments current and in a timely manner, you will be able to catch up on past payments in the three to five year repayment plan. You may even be able to refinance the property afterwards. This process allows you to keep your home and vehicles, but it would be wise to look at how you spend your money and create a budget so everything gets paid. If you are interested in filing for a Chapter 13 stop foreclosure, see a local bankruptcy lawyer to see if you quality and if this is an option for you.
