Although either type of consumer bankruptcy will temporarily stop a foreclosure of your home, which is better for you in the long run? The Overly Simple Answer If you are behind on your mortgage, and definitely want to keep your home, then the simple guideline is this: file a Chapter 7 “straight bankruptcy” case if that allows you to catch up on … [Read more...]

Last week’s blog gave you 5 important ways Chapter 13 can save your home. Here are 5 more. You won’t likely ever use all of them, but each one can make a huge difference. 6. Get lots more time to sell your home. If you need to sell your home but are now or expect soon to be under threat of foreclosure, Chapter 13 usually gives you much more time … [Read more...]

Chapter 13 “adjustment of debts” has some extraordinary advantages over Chapter 7, in the right circumstances. How do you qualify for those advantages? You can file a Chapter 13 case if: the amount of your debts does not exceed the legal debt limits you are “an individual with regular income” Debt Limits Under Chapter 7 there is no … [Read more...]

Although the Chapter 7 and Chapter 13 options are quite different, that doesn’t always mean it’s an obvious decision. The Not Always So Easy Choice Once it is clear that you need bankruptcy relief, picking the right Chapter to file can be simple. Your circumstances may all point towards one option or the other. But sometimes it can be a very … [Read more...]