File Chapter 13 to Stop Foreclosure
The number reason people file a chapter 13 bankruptcy is to stop the mortgage company from foreclosing on their home. Each state has a different day of the month in which they do the sale. With the chapter 13 they will be putting what they are behind on the mortgage along with any credit card debts to be paid back over the next five years. the mortgage company has to go by the rules of the bankruptcy courts. As long as the person makes the normal house payments in the future and the trustee’s payment their house is safe. The credit cards will get an amount determined by what is called disposable income. Same as the mortgage company the credit cards have to except the plan amount.
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