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Avoid repossession or foreclosure by filing for bankruptcy

On Behalf of | Mar 15, 2015 | Bankruptcy

If you are considering filing for bankruptcy, you may be concerned about things such as foreclosure or repossession. These negative things are most commonly associated with bankruptcy. However, this is one good reason for you to look into Chapter 13 bankruptcy when you are considering filing.

Chapter 7 bankruptcy is the type that you are thinking of when you wonder if your home will be foreclosed or if your car will be repossessed. However, Chapter 13 bankruptcy can actually prevent your house from being foreclosed. It can save your car as well. The only caveat is that you will need to file your case before the date that your foreclosure is set at. If you file in time, creditors will not be able to hassle you for items or money.

Chapter 13 bankruptcy works to allow you to pay up your missed mortgage or auto payments on a payment plan of sorts. As long as you keep up with your monthly payments once you are on this plan, then you will not have to worry about creditors coming for your vehicle or your house. You can also sometimes use Chapter 13 bankruptcy to “cram down” your vehicle’s equity or the second mortgage on your property. By doing this, the collateral’s actual value will be reflected in the loan. This can save you money, and can prevent you with more padding to avoid repossession.

If you would like to read more about Chapter 13 bankruptcy and the potential benefits that you may gain from it, you can follow the link to our web page. There you will be able to find further information. This may be able to help you build up your case and decide which option would work best for your circumstances.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.