Generally chapter 13 is used to stop foreclosure of your home. But, you need to file the bankruptcy petition before the sale date of your property. Once after filing bankruptcy, you will propose a plan to pay back the debt you owe. Also you will start paying your regular mortgage payment that under the operation of law must be accepted by your mortgage company.
If you are facing situations like lawsuit, foreclosure, wage garnishment or repossession, chapter 13 bankruptcy can reschedule your financial problems allowing you to repossess on your financial feet. Chapter 13 law is very much beneficial. It helps to stop home foreclosure that allows you to pay your remaining mortgage payments. Also chapter 13 stops interest adding on your personal debt, along with back taxes. Filing chapter 13 bankruptcy stops the collection activity because of automatic stay. Effect of the automatic stay runs until the life of the case unless the court orders.
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Chapter 13 helps for reorganization of your debt and allows consumers to pay all or the portion of your debt through the chapter 13 plan while protecting your real and personal assets. This process is similar like debt consolidation, but it allows you to repay the unsecured debts without adding interest and stops collector harassment. According to the plan, you should pay monthly payments to a court appointed trustee for three to five years. The amount of your monthly payment depends on various factors such as the debt you owe, capability to repay and the level that you have asset. The trustee give out the money to the creditors.
Chapter 13 bankruptcy helps to:
• Get stable and regular income
• Get disposable incomes to make monthly payments
• Get secured debt, for example, home and car loans
• Get unsecured debts like student loan, credit card debt, medical and legal bills
Chapter 13 helps to catch up on your missed house and/or vehicle payments. Bankruptcy helps individuals in financial distress, but there are several laws, rules and regulations. Also creditors have destructive legal advocate to fight you at each stage of the process. So to get a success through the bankruptcy process, you should find a best bankruptcy attorney or lawyer to guide you throughout the process.
To keep everything in the clear, you must still make all your mortgage payments as they become due. If you fail to make these payments, your automatic stay may be in serious trouble. However, staying on track will get you the discharge at the end of your repayment plan.
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