Chapter 13 Bankruptcy and What it Means

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Many home owners these days face the possibility of foreclosure due to the sluggish economy. What’s worse is that their mortgages may be underwater i.e. the value of the mortgage exceeds the market selling price of the home. When this happens, selling your home does not absolve you from all your debts to the bank. What can you do to avoid foreclosure?

You can file for bankruptcy. Although there is no guarantee that a bankruptcy filing will save your home from foreclosure, but it remains a viable option.

Most people will file for a Chapter 13 bankruptcy, named such after the section of the bankruptcy code it is derived from. Chapter 13 bankruptcy is a scheduled payment plan ordered by the bankruptcy court for you to clear off your debts over a period of up to 5 years. For it to work, you must have a regular source of income.

Please see full article below for more information.

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Tampa Bay Bankruptcy Center, P.A. on:

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