Why File Chapter 13 Bankruptcy?
The main reason people file a chapter 13 bankruptcy is to stop a foreclosure sale on their home. The reason for the foreclosure is for one reason or another they have fallen four or more house payments behind. Once the mortgage company and you can not come up with with an affordable agreement for repayments the sale date is set.
Filing the chapter 13 bankruptcy will force the mortgage company to accept the arrears to be paid back over the next five years.
If you have any other debts unsecured or secured they also can be put in the plan. The amount the creditor will receive depends on first if the debt is secured then they will receive all their money but over the next five years. The unsecured creditors will only receive money if you can afford to pay. At the end of the bankruptcy whatever they have not received is discharged.
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