SadlerHatmaker821
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Prevent Foreclosure 5 Instruments To save Your Family home
Chapter 13 Bankruptcy is a powerful tool for avoiding foreclosure from a variety of angles. Plus, it gives you other tools to deal with tax, support, and judgment liens on your home.
I've previously written about how exactly a Chapter 7 Bankruptcy can sometimes help you enough to save your home. Or at least it can help you hold onto your home provided you need to. But Chapter 7 may only give limited assist, sufficient only in limited circumstances. Chapter 13 Bankruptcy, on the other hand, provides you a a lot more powerful and flexible package to avoid foreclosure, with a range of tools for addressing just about all debt issues involving your home.
Here are five distinct and significant methods Chapter 13 can save your valuable home.
Stretch out the amount of time you get for catching on missed mortgage payments, giving you as long as five years to do this. A longer repayment period means that you can pay less each month, making it more likely that you'll actually be able to catch up your payments and keep your home. Throughout this catch-up period, you are protected from foreclosure if you stay with the payment program, one that you propose.
Slash your other debt obligations to be able to afford your mortgage payments. The mortgage debt-especially your first mortgage-is highly favored within a chapter 13 bankruptcy. So you are generally allowed-indeed required-to pay most of your mortgage payments entirely, while being allowed to pay only as much as you have left over towards your "general unsecured" debts-those without any collateral, such as most charge cards, medical debts, and many other kinds of debts.
Permanently prevent income tax liens, child and spousal assistance liens, and judgment liens from attaching to your house. This stops these special creditors from gaining harmful leverage over you as well as your home.
Have the time to pay debts that cannot be discharged (legally created off) in personal bankruptcy, all the while becoming protected from those creditors messing together with your home. That applies when the actual tax, support or other lien was not filed before your is actually filed-the example immediately over. But this also applies when the lien is already in place, giving you the chance to pay the debt while under the protection of the personal bankruptcy laws, undercutting most of the leverage of those liens against your home. And at the end of the case, the debts are paid and people liens are gone.
Discharge debts owed to creditors which could otherwise attack your home. For example, certain income tax debts are discharged, leaving you owing nothing. But if instead you'd not filed the Chapter 13 case, or delayed doing therefore, a tax lien could have been recorded on that taxes debt. That would have required you to pay some or all of the balance to free your house from that lien. Even most conventional debts can change into judgment liens against your home after a lawsuit is actually filed. And certain judgment liens may or may not be able to be looked after in bankruptcy. If instead you file a Chapter 13 case to prevent these liens from occurring, at the end of the case the debt is gone, and no such liens ever attach to your house.
As always, be sure to seek advice from a bankruptcy attorney regarding your specific situation.
