Chapter 13 Bankruptcy Help - The Bills.com Blog

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Chapter 13 Bankruptcy Help

Question: What are the mortgage relief options; that are available to the people in a chapter 13 bankruptcy?

Answer: Chapter 13 bankruptcy allows home owners who have fallen behind on their mortgage payments to include their delinquent mortgage payments in their bankruptcy filing, thus bringing their mortgage current and allowing them to repay the delinquency over a longer period of time.

Generally speaking, filing Chapter 13 bankruptcy can stop foreclosureproceedings and allow home owners who have fallen behind a fresh start with their mortgage payments. However, you should keep in mind that Chapter 13 bankruptcy involves making court-approved payments to repay your delinquent mortgage balance and your other debts; you will be required to make these payments in addition to your regular monthly mortgage payments if you want to keep your home. While a Chapter 13 can bring your mortgage current, it will not lower your mortgage payments or change any other terms of your mortgage agreement.

Very quickly, if you are struggling with other debts and want to see if you can save more through debt resolution, follow-this link for a free consultation with one of Bill's partners:
Debt Relief Savings Quote

Your monthly payment to the bankruptcy court will be based on your current income less allowable expenses as defined by the court. The court will set your payment amount, and you will be expected to

make that payment every month; if you cannot make your Chapter 13 payments, the court will likely dismiss your case and your financial problems will begin anew. As I mentioned previously, you will also be required to pay your future mortgage payments on time if you wish to stay in your home. With the combination of their Chapter 13 payments and their mortgage payments, many consumers find Chapter 13 to be a difficult path to financial solvency. However, it can be a lifesaver for individuals who are facing foreclosure and do not have the cash necessary to bring their home loans current; you must carefully weigh the positives and the negatives of a bankruptcy filing before committing to a court administered repayment plan under Chapter 13.

If you are behind on your mortgage and facing foreclosure, a Chapter 13 bankruptcy may be the right solution for you. In order to determine whether or not filing for bankruptcy protection will help you, you should consult with a qualified bankruptcy attorney

in your area. To find an attorney with experience in bankruptcy law, you can contact your state or county Bar Association’s attorney referral service and explain your needs. They should be able to put you in contact with an attorney who can review your options with you and explain whether or not filing bankruptcy is the right choice for you.

If you would like to learn more about bankruptcy, I encourage you to visit the Bills.com Bankruptcy Information page at http://www.bills.com/bankruptcy/

If you are struggling with other debt problems, if you want a free debt consultation with one of Bill's approved debt help partners, click here: http://www.bills.com/debthelp/debt/

I wish you the best of luck in resolving your financial difficulties and hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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