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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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can I file bankruptcy just to keep my home from going into

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can I file bankruptcy just to keep my home from going into foreclosure? I want to keep making all my payments to my creditors, if so, what chapter will I file?

Hi JACustomer,

1) What is the current market value of your home?

2) What is the balance on the mortgage(s)?

3) How many are in your household?
4) What is the total gross annual income for your entire household?

Customer: replied 5 years ago.

current value $202,000

balance $252,000

2 in house

at this time approx 70,000

I was unemployed for 2 years and missed 7 payments I told the bank I can now make my regular payments but they said i had to pay 1/2 of my back payments, about 7,000 and the other 1/2 in 6 months. I said I cant afford that and they said they will foreclosure

If you file a Chapter 13 Bankruptcy, you will be able to pay the mortgage arrears over a period of 5 years - in addition to the regular monthly mortgage payment - and the mortgage company will have to accept this arrangement, as they will not be able to foreclose as long as you are making the monthly payments.

Your other creditors will also receive payments each month, but the unsecured creditors - such as credit cards - get paid after the secured creditors - such as the mortgage company.

 

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