There are two main options when it comes to bankruptcy, and Chapter 13 is the option that typically benefits people who own homes and are behind on their mortgages. If you own a house and are behind on the payments, this branch of bankruptcy could offer some relief to you, and there are two main ways Chapter 13 could help you when it comes to your home mortgage.
It gives you time to repay your past-due balance without the risk of losing your home
- Today, more and more people need to file bankruptcy for one reason or another. Whether you have lost your job and main source of income, become ill and accrued an enormous amount of medical bills, or you have just become overwhelmed with debt and your basic living expenses, bankruptcy can be a great way to gain control of your finances. Chapter 13 is a unique type of bankruptcy that allows you to repay a portion of your debts over a period of time.
- While a chapter 7 bankruptcy is well-known for wiping out a great deal of debt with a single action, there are three debts that may stubbornly appear after all is said and done. These three debts cannot be included in with the rest of your debts and knowing all about that might help you to make a more informed bankruptcy decision. Read on to learn more about these three debts.
- Your home is something you must never take for granted. If you are experiencing financial difficulties and have fallen behind on not just your rent payments but almost everything else, you may be considering a bankruptcy filing. Being evicted is a devastating experience, but you may have some options if you take a certain legal action. Read on to learn more. Chapter 7 and the Automatic Stay There is no better option for those saddled with overwhelming debt than a chapter 7 bankruptcy declaration.
- When you're struggling under the weight of debt that never seems to end, consolidating it into one affordable payment can make it easier to manage. However, many people worry that debt consolidation will damage their credit (or make it worse than it already is). Whether this debt payment strategy has a negative impact on your credit score depends on how you handle it. Here are two ways debt consolidation is typically done and the effect each option will have on your credit.