Will a Chapter 13 bankruptcy stop foreclosure, and will it also lower monthly payments?

Chapter 13 bankruptcy has its pros and cons. One of the biggest benefits of Chapter 13 bankruptcy is the ability to stop a foreclosure on your home. However, one of the cons of Chapter 13 bankruptcy is the inability to lower your mortgage payment simply by filing bankruptcy. In other words, a Chapter 13 bankruptcy cannot lower your monthly mortgage payment. However, you may have the option of trying to refinance your mortgage during your bankruptcy. Remember, you must ask for Court permission to do so, but this may be an option for you during your bankruptcy to lower your mortgage payment. Terry Duncan Charlotte, NC Bankruptcy Lawyer