Chapter 13 stops both mortgage and property tax foreclosures. Then you have up to 5 years to catch up on the property taxes.
If you took advantage of the mortgage forbearance payment option under the CARES Act, when do you have to catch up on those missed payments?
Resolve disputes with your lender in Chapter 13 about 1) additional fees and charges, and 2) whether you've cured the mortgage arrearage.
Bankruptcy frees up cash flow so you can afford your mortgage payments. Chapter 7 does so by writing off other debts. Chapter 13 does so more creatively.
Other bankruptcy benefits for your home include protection against other liens—from judgments, income taxes, and homeowner associations.
Bankruptcy can save and protect your home in many different ways. One of these may be just what you need. Or you may use them in combination.
There are scenarios when you are current on your home mortgage and are dealing with other home-related debts where Chapter 7 works well.
Filing a Chapter 7 or 13 case both stop creditor collection actions against you just the same. But after that the differences are huge.
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.
If you own a home with a qualifying 2nd or 3rd mortgage, one of the best reasons to file a Chapter 13 case is to "strip" off that mortgage.
If behind on property taxes on property with a mortgage, that likely puts you in default on the mortgage itself. Chapter 13 can fix this.
If you've fallen behind on your mortgage, it's very hard to catch up. It may even seem impossible. Chapter 13 makes it possible.
Here's an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.