How Chapter 13 Bankruptcy Can Save Your Home


As a homeowner, one of your most important investments is the place you call home. When facing insurmountable financial struggles, whether or not you can save your home from foreclosure may be a major concern for any homeowner in debt. The answer may lie in chapter 13 bankruptcy.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 bankruptcy is typically designed to help working individuals protect assets like their home and automobile while adhering to a plan that ensures your creditors are paid. You can seek the help of an experienced bankruptcy lawyer in structuring a three to five year payment plan that will allow you to repay your creditors, and take care of your other monthly expenses.

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Chapter 13 Bankruptcy and the Protection of Automatic Stay

Chapter 13 bankruptcy can be an ideal way to protect your home or other assets from repossession. Upon filing for chapter 13, the petitioner is granted protection from their creditors through an automatic stay. An automatic stay simply means that your creditors are no longer allowed to sue you, repossess your home or car, or continue their collection efforts in any way. If the petitioner fails to make the plan payments as ordered, the stay could be removed leaving the petitioner unprotected from their creditor's actions.

Chapter 13 and Utilities

Perhaps one of the first things to happen when you are in serious financial trouble is that you fall behind in your utility bills. Chapter 13 bankruptcy can protect you by staying the public utility company's actions. You are still responsible for making timely payments to the utility company; however, they must cease their efforts to collect any pre-bankruptcy charges from you.

If you are on the verge of losing your home to foreclosure and you wish to protect your assets, chapter 13 bankruptcy may be the best option for you. Chapter 13 can give you the protection of automatic stay to prevent creditors from suing you, foreclosing on your home, or engaging in any other collection efforts during your three to five year payment plan.


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