bankruptcy law
if I own a home and im having problems keeping up with my mortgage, will filing for bankruptcy be cause for losing my home or can i file bankruptcy with out worry of having to foreclose on my home.
Re: bankruptcy law
In most cases, bankruptcy cannot be used to remove a mortgage from your home. If you don't make the payments, you cannot keep the home and will eventually lose it to foreclosure. You have to examine WHY you are having problems keeping up with the mortgage. If you have an adjustable rate mortgage, an attorney might be able to negotiate a modification to get you into a fixed-rate mortgage.
In a Chapter 13, you might be able to file a repayment plan that will allow you to get caught up, but you must keep the post-bankruptcy payments current. A Chapter 7 bankruptcy might delay a foreclosure, but will not prevent it.
Re: bankruptcy law
In most cases, bankruptcy cannot be used to remove a mortgage from your home. If you don't make the payments, you cannot keep the home and will eventually lose it to foreclosure. You have to examine WHY you are having problems keeping up with the mortgage. If you have an adjustable rate mortgage, an attorney might be able to negotiate a modification to get you into a fixed-rate mortgage.
In a Chapter 13, you might be able to file a repayment plan that will allow you to get caught up, but you must keep the post-bankruptcy payments current. A Chapter 7 bankruptcy might delay a foreclosure, but will not prevent it.
