The answer to these questions depends on what chapter of bankruptcy files and if you are behind your mortgage payments. If you are behind in your mortgage, you can not save your home from foreclosure by filing a Chapter 7 bankruptcy. However, it will be able to delay foreclosure for a few months. So, if a Chapter 7 is filed, you may be able to live rent and mortgage free for about three months. But, the mortgage holder foreclose the endon your property.
In case of submission of a Chapter 7 bankruptcy, if it is up-to-date on your mortgage payments, you may be able to keep your home. The ability to keep your home, depending on whether you applied for a waiver farm. A farm exemption allows you to save your home from the trust, if you filed for bankruptcy. However varied the maximum amount that can be stored on a farm exempt status. So you need to contact a local attorneyknow the exact amount of your Homestead Exemption individual countries.
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Provided that it has filed a Homestead Exemption in Chapter 13 bankruptcy allows you to save your personal property. A Chapter 13 bankruptcy as a Chapter 7 will stop immediately all creditors acquisition of all accounts overdue. To be able to stop a foreclosure. Furthermore, presenting the Chapter 13 can contain an immediate stop foreclosure and your home.
Under achapter 13 bankruptcy you make an additional payments, from three to five years, to creditors. This is done by submitting a bankruptcy plan. Through that bankruptcy plan you can pay off any past due owed on your mortgage. Additionally, if you have a second mortgage, you can potentially strip that mortgage. So, by filing for a chapter 13 you will force the creditor to allow you to get caught up on your mortgage payments and you can even get out of paying for your second mortgage.
As always before filing for bankruptcy, or any major legal decision, you need to seek the advise of a an experienced bankruptcy lawyer. Do not be cheap. Go to a lawyer. After all, for a medical procedure you would hopefully not, in an attempt to save money, get surgery from a medical assistant. Somethings in life it does not pay to go for the low bid.
Will I Be Able to Keep My House If I File for Bankruptcy?
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