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I own two homes with a mortgage on each. I decided to file bankruptcy due to a very high credit card debt. How can bankruptcy help with my mortgage?
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The effect of filing Chapter 13 (reorganization) bankruptcy on a mortgage is different than that of a Chapter 7 (liquidation) bankruptcy. Chapter 13 allows debtors to make their monthly payments by complying with a structured repayment plan for their debt. By filing a Chapter 13 petition, debtors can halt collection efforts during the repayment period and prevent mortgage lenders from filing suit against them due to the automatic stay protection. Individuals filing under chapter 7 can protect against foreclosure by filing a reaffirmation agreement, which obligates them to pay off their delinquent mortgage balance within a certain period of time in accordance with a plan. They do so notwithstanding the fact that they have obtained a dischare from bankprutcy. By not falling behind on payments, debtors can save their home.
Posted by Yara Zakharia on 18 May 2010
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