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The Chapter 13 Solution by Gordon Boutwell

7/25/2011

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If you are behind on your mortgage payments, and you want to keep your home, then filing a Chapter 13 may be an excellent solution for you.  Your Chapter 13 would deal with the mortgage in 2 ways: 

  1. It would make the continuing mortgage payment to the mortgage company;
  2. It would pay all the arrearages due to the mortgage company so that you would be current on the mortgage when you complete your case.  

What about foreclosure?

Even if your mortgage company has begun the foreclosure process, there may still time to file for Chapter 13.  In most circumstances, the filing of a bankruptcy will stop the impending foreclosure.  So long as you comply with the Court’s orders for your bankruptcy, the mortgage company should not be able to touch your home.

How does Chapter 13 work?

Briefly, Chapter 13 requires you to make payments to the Chapter 13 Trustee who then pays your creditors according to the plan that you and I have prepared and that the court approves.  Your payment is based on many things, including your debts, your income, your assets, and your expenses.  Your Chapter 13 will address ALL of your debts, not just your mortgage.  Chapter 13s, barring unusual circumstances, usually last between 3 and 5 years.

What are the benefits and drawbacks to filing Chapter 13?

Benefits: In addition to what is stated above, Chapter 13 allows you to consolidate and reorganize ALL of your debts into a manageable payment.  You can modify certain secured debts and satisfy IRS tax debts.  While you are in bankruptcy, your creditors cannot call and harass you, attempt to collect from you, sue you, garnish your wages, or levy your bank accounts.

Drawbacks: You will most likely be in your case for 3 to 5 years, which can seem like an eternity.  Successful Chapter 13s require that you live within a budget, which may be difficult if this is your first time to try. Chapter 13 will appear on your credit report for many years. 

Chapter 13 bankruptcy is a good solution for keeping your home when you are behind on your payments.  To learn more about Chapter 13, or to set up an appointment to talk with me, send me an email or call 615-807-1064.  I look forward to helping you weigh your options. 

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    LODESTONE 
    LEGAL GROUP, PLLC

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