The first thing that probably comes to your mind when thinking of bankruptcy is a Chapter 7. It is your typical bankruptcy and involves getting rid of many of your debts in a short period of time. Conversely, a chapter 13 gives you a reorganization plan that allows you to pay back your creditors and hold on to your property.
So, if you want to keep your house, which chapter is better for you? It is possible to keep your property, like a home, in a Chapter 7. In order to do so, you must "reaffirm" the debt and continue to make payments. A reaffirmation is an agreement with the lender that allows you to continue to pay the debt under the original conditions. In return, you get to keep your property.
Bankruptcy Attorney Corona, Declare Bankruptcy, Kansas Bankruptcy Lawyer,
What if you are behind on your home loan? Chapter 13 may be a more beneficial option than you expected. You can include missed payments and late fees in a Chapter 13 payment plan and ensure that your family is protected from foreclosure.
If you still want to file a Chapter 7, you can make up your back payments and reaffirm to pay the debt but it may not be the best decision for you. If your house payment is the kink in your budget wheel, will it help you to keep paying it as is? Take a critical look at your financial situation. Don't undervalue the great benefit you and your family might get from a Chapter 13.
Deciding which chapter of bankruptcy to file is often a frustrating choice for people who decide to file bankruptcy by themselves. If you have chosen to file with a St. Louis bankruptcy attorney, he or she can take a look at your situation and help you figure out which option will be best for your family. If you are still set on filing bankruptcy on your own, do right by yourself and yoru family and gather all the information you need for an informed, educated decision. You wouldn't want to go through the entire bankruptcy process only to found that you haven't done everything you could have to help yourself.
How can you find the right information to make an educated decision? Look for free articles, blogs, bankruptcy FAQ, and even free publications to learn all you can about the bankruptcy process. Don't forget, the most important thing you can do for your family is to make a decision with all the facts in mind.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Miami Bankruptcy Lawyer
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment