The commercials on TV about it are endless. You can put your life on the right track and save your home in one fell swoop by filing bankruptcy. Is this accurate, though? The answer might come as an unexpected surprise.
We'll begin with Chapter 13 bankruptcies first. You can file this bankruptcy as a person or on the part of a company. Instead of canceling out debts, as many advertisers claim, it instead enables you to suggest a reimbursement plan to your creditors. You can benefit from filing bankruptcy due to the fact that if the payment plan is accepted, you will likely be paying a lot less than you otherwise would have. Try proposing new mortgage terms as well for this sort of bankruptcy, because if your proposal is approved, it just may save your home from foreclosure.
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In a few instances, filing a Chapter 7 bankruptcy is also an adaptable option. No repayment plan is available and only individuals may file a Chapter 7 bankruptcy. In a way the option permits you to eliminate existing debts. It might not be as easy as you think, although. Several debts like unsecured credit card balances can be eliminated, while others really can't be. You can see a ready example of this in the lien built-in to property. You can't just erase something that is thought to be collateral for the mortgage loan you have borrowed by simply filing bankruptcy. In many states, there is a homestead exemption that might permit you to exempt all or some of the remaining mortgage on your home. Consult with a lawyer to determine whether or not this is a realistic method by which to save your property.
Chapter 7 and 13 bankruptcy options are not without flaw, unfortunately. Neither the Chapter 7 nor the Chapter 13 bankruptcy you file can help you, for example, if you start missing payments again on your home. This will result in the loss of your home and a reduction in the strength of your credit score at the same time, so it might put you in a worse state of affairs than you were in before filing.
Overall, it is imperative to consider your choices carefully before filing any kind of bankruptcy in an effort to protect your property from foreclosure. An experienced bankruptcy attorney will be able to better illustrate your options and inevitably determine if filing a bankruptcy is the correct choice for your certain situation.
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