Chapter 7 can help buy time to deal with some creditors or negotiate with others, which may help you keep your home.
Here are 6 ways filing a Chapter 7 case can help you deal with your home lender and related debts, and 6 ways filing a Chapter 13 one can.
Chapter 7 buys you the crucial time you need in many situations when falling behind in your obligations related to your vehicle or your home.
If you are behind on your mortgage, and are thinking of selling your home, you can often delay selling for many months or even for years.
Filing a Chapter 13 case buys you time and flexibility for catching up on your mortgage arrearage. Lots more of both than in Chapter 7.
Filing a Chapter 7 bankruptcy case stops a foreclosure and buys some time to either arrange to keep the home or move in a peaceful way.
As you decide whether to use the powerful tools of Chapter 13 to hold onto your home, it helps to know that you can later change your mind.
If your home is exposed to your creditors and to the Chapter 7 trustee because it has too much equity, Chapter 13 can protect that equity.
Have the flexibility to sell your home when you want, giving time for it to add equity, while keeping creditors away from that equity.
Protect the equity in your home from your creditors through either of the consumer bankruptcy options.
Bankruptcy can buy you a few more months or even several years, so you can sell your home when you're financially and personally ready.
Although either kind of bankruptcy will stop an approaching foreclosure, which one should you choose?
Either Chapter 7 or 13 will stop a foreclosure, even if your lender unintentionally or purposely proceeds with the foreclosure sale.
Here are 5 additional tools that come with Chapter 13, each one neatly solving a different challenge to your home.