QUESTION
I own a small business and I am behind on payments, my mortgage is behind as well. Can I stop a foreclosure and repossession with Chapter 13 bankruptcy?
Asked on May 19th, 2011 on Bankruptcy - Oklahoma
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I own a small business and I am behind on payments, my mortgage is behind as well. Can I stop a foreclosure and repossession with Chapter 13 bankruptcy?
1 ANSWER
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Brent,
Typically, a Chapter 13 bankruptcy can stop the foreclosure of a house or repossession of a vehicle. Obviously, you would need to be sure that you qualified for the Chapter 13 bankruptcy and have it filed in a reasonable time for it to stop those two things.
A Chapter 13 bankruptcy is a repayment plan that, in addition to making your current payments, pays back a portion of your arrearages over a 36-60 month time period.
Terry Duncan
Charlotte, NC Bankruptcy Lawyer
Answered on May 19th, 2011 at 12:10 AM