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Chapter 13 bankruptcy could give you time to save your home

A house is often a family's most valuable asset. Of course, in monetary terms, this is almost always the case. And if property values should rise, your house may be worth more now than when you purchased it. But beyond the dollar value, your house is also a home; a place that provides shelter, security, and stability for you and your loved ones.

But homes can also be very expensive, meaning you likely have a mortgage which you will hopefully pay in full one day. But unfortunately, at some point, almost everyone is dealt a serious financial blow. You or a family member may suffer an injury or illness. Or perhaps you experience a long-term period of unemployment.

Such events could cause you to fall behind on your mortgage payments. If this should happen, you could be faced with foreclosure. But there is a way that you could be granted more time to figure out a way to save your home. By filing for Chapter 13 bankruptcy, an automatic stay will be placed on your debts, meaning that all collection activities are halted, and this includes foreclosure activities.

Filing bankruptcy to stop foreclosure can work well if you are able to come up with enough money to pay your lender while the stay is enacted. However, eventually, you are going to have to resume some measure of payment.

Deciding whether or not to save your house is a critical decision. This is why when you are considering filing for Chapter 13 or Chapter 7, it may be a good idea to consult with an experienced bankruptcy attorney. Chapter 13 cases can be especially complex and are typically best handled with the help of an attorney. The attorney can assess your financial state as well as the value of your home and your capacity to eventually pay off your mortgage. The attorney could then advise you on your best course of action.

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