If I file Chapter 13, can it save my house?

Answer by  LegalEagle59 (19)

Yes it can save your house, but only if you are able to make the Chapter 13 payments. The Chapter 13 payment rolls all of your debt, including your mortgage arrearage into one amount, and then spreads that amount over a three, four or five year payment plan. Don't even attempt this on your own, get a good bankruptcy attorney.

Answer by  Hewitt302 (1720)

No. Once you file for Chapter 13, you are telling the banks that you cannot pay for your home. Your debt is wiped out by the courts, and that will signal to the banks it's time to sell the home.

Answer by  webbbb (95)

One of the most significant advantages of filing Chapter 13 bankruptcy over chapter 7 is that it offers individuals an opportunity to save their home from foreclosure.

Answer by  CandyJohn (138)

Chapter 13 bankruptcy commonly is used to save your house from foreclosure. It allows you to restructure your payment plan and gives you protection from creditors.

Answer by  Abie (10)

Yes. There are exemptions for almost any bankruptcy and in most states and federal law there is one for primary residence, with a certain money limit.

Answer by  Adelaine (42)

Chapter 13 Bankruptcy enables an individual to reorganize his or her debts in a manner that is acceptable to the courts. Usually this includes your mortgage payment, as most courts will protect the loss as long as some payments are maintained and you don't withdraw from Chpt 13.

Answer by  Mary (2095)

As long as have a sufficient income to pay the mortgage on the house. The bank would need to agree to continue the mortgage.

Answer by  yankboy (12)

Yes, that is one of the advantages of filing under this Chapter. You will be given time to work out your mortgage issues. one of the requirements under Chapter 13 is that you continue to pay your monthly mortgage fees. As long as you fulfill this obligation you can save your house

Answer by  vvas (53)

Usually the reason for filing chapter 13 is to save a house with substantial equity. If you have only a small amount of equity in the house that you live in most states allow you to keep the house even if you file a chapter 7 bankruptcy. Eventhough bankruptcy law is federal the exemptions are set by state law.

Answer by  missnoitall (29)

In some states yes it can, but you have to pay all fees. And all paper work must be filed in a timely maner. It also depends on how bad your situation is.

Answer by  jbl7894 (16)

Chapter 13 can keep your home out of foreclosure if you have a steady income. This income can be from a job or even a pension. The process usually takes at least 36 months.