options for keeping your home
Bankruptcy - The Final Resort
For most of us, bankruptcy is the remedy of last resort. However, it may allow some mortgage borrowers to stay in their homes. Filing for Chapter 13 bankruptcy halts the foreclosure process. It may even keep lenders from collecting payments until they’re permitted to by the court. When doesn’t this option help?
- If you don’t have enough ongoing income to make mortgage payments
- If you have income but you also have a lot of unsecured debt
- If you own other assets like a car or vacation property
“A” is correct. This option won’t help you retain your home if you don’t have the income to make payments once the bankruptcy is discharged. It’s best to seek reputable legal advice to find out how bankruptcy will affect you.