QUESTION
Is Chapter 13 the way to go to avoid foreclosure?
Asked on Oct 29th, 2012 on Foreclosures - Florida
More details to this question:
I am trying to keep my home out of foreclosure. I was advised to file chapter 13. I really don't have that much debt: Some medical bills and a little credit card debt. I am currently unemployed and get unemployment benefits while looking for a job. Is Chapter 13 the best way to go? Do I have other options?
5 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It is possible, but I would need a lot more information before answering your questions. Please understand that chapter 13 bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Nov 01st, 2012 at 7:07 AM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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Yes, unless you intend to file a 7 and then defend the foreclosure case in State Court.
Answered on Oct 31st, 2012 at 11:08 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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Chapter 13 is one way to stop a foreclosure. Basically, you promise to catch up the mortgage arrears and fees over the next three to five years (and to start making mortgage payments again) and as long as you make the payments, the foreclosure is stopped. However, to file a 13 bankruptcy you have to have steady income. Generally, this means employment but social security, alimony, rental income, or family contributions might also fit the bill.
Answered on Oct 31st, 2012 at 5:47 AM
Civil Litigation Attorney serving Federal Way, WA
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Stasch Law LLC
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There are several options depending on what stage your property is at. Under the Foreclosure Fairness Act, you have until 20 days after the Notice of Trustee Sale is recorded to get a referral to mediation for the purpose of getting a modification. A chapter 13 might delay, but I think you have to be employed to get a plan approved. The problem you will have is unemployment.
Answered on Oct 31st, 2012 at 5:41 AM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Chapter 13 is not necessarily the way to go. Set up a consultation with a bankruptcy attorney. 13 is not preferred, 7 is, and if you qualify for that you should file a 7 instead of a 13. You probably cannot comply with a rigorous plan to repay even a percentage of what you owe.
Answered on Oct 31st, 2012 at 5:29 AM