Tuesday, March 13, 2012

Saving your home through Chapter 13 bankruptcy

Question: I am self-employed and due to medical reasons, I have recently had a loss of income and therefore I am now in a foreclosure process. I might be able to borrow funds from family to get current on my mortgage. However, I am wondering whether bankruptcy might be a better option. If I consider debt reconsolidation bankruptcy, would the house be included in the re-consolidation?

Response: If you are referring to Chapter 13 bankruptcy, then you could reorganize and consolidate the debts, such as a debt for a home. You would have to create a payment plan that would enable you to pay off the delinquent amount in 3-5 years. The best decision for you would have to be based on the overall state of your financial affairs. If you have delinquent credit card or medical bills, then most likely Chapter 13 is the way to go, as it helps eliminate some or all unsecured debts while being able to save your most valuable assets, like a home and a car.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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