Chapter 13 bankruptcy is often used when homeowners who are behind on their mortgage are unable to refinance or sell their home. Chapter 13 Bankruptcy protects your right to discharge your debts. Chapter 13 protects the discharge of all obligations and provides for a new start in living. Chapter 13 Bankruptcy can be filed by the homeowner or a bankruptcy attorney on their behalf. If you’re looking for more tips, Click for more info
Homeowners who wish to file chapter 13 bankruptcy will most likely wish to also file for Chapter 8 which protects your right to redeem and repurchase your home if you are in danger of losing it due to foreclosure. Chapter 8 bankruptcy protects your right to redeem by allowing you to pay off your remaining debts to avoid foreclosure. Chapter 13 Bankruptcy is used when you cannot repay your remaining debt after you have filed Chapter 8. Homeowners facing foreclosure and are unable to come up with the necessary funds to save their home should seek a home equity loan or another type of loan with an appropriate interest rate.
For assistance regarding filing Chapter 13, contact a reputable chapter 13 bankruptcy attorney. Although this type of bankruptcy stays filed for life, it is not a procedure that the average individual undergoes. A qualified attorney should explain the process to you in layman’s terms. The attorney also should provide you with financial situation advice.