Filing for Chapter 13 bankruptcy allows you to keep your home in several ways. The first is through the automatic stay which prevents your creditors from harassing you while your case is under way. The second is through a repayment plan that allows you to repay the arrears on your mortgage over several years. The first offers a temporary respite, while the latter is a more permanent solution.
Chapter 13 bankruptcy and mortgage
When you file for Chapter 13 bankruptcy, you do not lose any property. If you are behind in mortgage payments, Chapter 13 allows you to keep your home and pay the mortgage average over 5 years.
Payment methods
In a Chapter 13 bankruptcy, if you are current on your mortgage payments, you can make your payments to your mortgage lender directly. Read more from this blog: http://bit.ly/2orerx9
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