Five Common Chapter 13 Bankruptcy Myths

Although Chapter 13 bankruptcy is not the most widely used bankruptcy option, it is preferred by many homeowners that are on the verge of losing their homes. Under a chapter 13 bankruptcy, single or married consumers are allowed to propose a three to five year repayment plan, during which time they can bring their past due mortgages current and keep their homes. As more people learn about the benefits of bankruptcy, the filings increase nationwide…but unfortunately, the misconceptions and myths increase too. Below we’re going to take time to clear up 5 common myths that are circulating about the chapter …

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Save your Home from Foreclosure

Are you on the verge of losing your home to foreclosure? Chapter 13 bankruptcy offers homeowners some advantages and in most instances, chapter 13 bankruptcy can save your home from foreclosure. Under chapter 13, you are allowed to “stay” foreclosure proceedings and present a three (3) to five (5) year repayment plan to the court that will satisfy any default amounts owed to your mortgage company. If you continue to make your bankruptcy plan payments as agreed, your mortgage can be restored to its pre-default status. However, if you fail to make the bankruptcy plan payments as agreed, the mortgage …

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