In our last blog we gave you some ways that filing Chapter 7 can help save your home. As great as some of those are, Chapter 13 is where the big home-saving action is. Here are ten major advantages that you get when you file a Chapter 13 case.
A Chapter 13 case lets you:
1. . . . take as long as 5 years to pay your mortgage arrears–the amount you are behind on your mortgages—all the while protecting you from foreclosure as long as you stay with the payment program that YOU propose.
2. . . . sell your house without the pressure of a foreclosure sale, either a few months after filing the Chapter 13 case, or sometimes even three, four years later when maybe the home value will have gone up again.
3. . . . take extra time to pay property taxes, while protecting the home from tax foreclosure, and preventing your mortgage company from exercising its option to foreclose first.
4. . . . gain the needed monthly cash flow so that you can afford your mortgage payments by slashing your other debt obligations.
5. . . . sometimes get you out of having to pay your 2nd or 3rd mortgage ever again.
6. . . . prevent federal and state income tax liens, child and spousal support liens, and judgment liens from attaching to your home in the first place, which stops these creditors from gaining a huge advantage over you.
7. . . . pay off income tax liens and support liens if they have already attached to your home, while under the protection of the bankruptcy laws, undercutting most of the leverage of those liens against you.
8. . . . not only stop existing judgment liens from foreclosing on your home, but also undo the lien so that it no longer attaches to the home at all.
9. . . . prevent creditors secured by your home from pursuing your co-signers.
10. . . . favor most of your home-related creditors that you need and often want to pay—mortgage companies, tax and support lien holders, and construction and utility lien owners—over most of your other creditors.
We particularly love to help our clients use these and other legal tools to save their homes.
Portland Bankruptcy Law Group has the experience and knowledge to handle your case. Our bankruptcy lawyers are extremely familiar with and are well versed in all aspects of bankruptcy law. Contact us today!