Stop Foreclosure with Chapter 13
One of the main reasons people file a chapter 13 bankruptcy is to stop a foreclosure sale of their home. The reason for the foreclosure sale is that for one reason or another they have fallen behind on the payments. The sale will usually happen after 4 to5 payments have been missed and the mortgage company and the person can not come up with a payments plan that will work. The mortgage company will want their money back over the next 6 to 12 months. The bankruptcy will allow you up to five years to pay the arrears back.
Along with the mortgage arrears all your credit card debts can be put into the plan. Unlike credit card counseling the payments to them is not based on the amount but more on how much you can afford to pay, meaning it could be as low as zero percent to a hundred percent of the debts. What ever the amount the creditors have to accept it and the rest will be discharged.
The chapter 13 bankruptcy will fall off your credit in 7 years unlike the chapter 7 bankruptcy which is there for ten years.
If you have fallen behind on your home or just the credit cards you should talk to a Bankruptcy Attorney so see how this option could help you.
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