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A Chapter 13 Bankruptcy filing creates what is called an ‘automatic stay’ that prevents any collections actions from taking place. An automatic stay is an injunction that makes it illegal for creditors to collect against you. Chapter 13 and the automatic stay will stop your foreclosure sale (as long as it is filed before the sale!) without question, allowing you to keep your home.
Get Caught Up
Mortgage companies, homeowners associations and property taxing authorities often want you to pay 100% of what you owe, including their attorneys fees within days or weeks in order to get caught up, or deny you a loan modification to get caught up over time. Chapter 13 allows you to get caught up for as long as 60 months, allowing you to have more disposable income each month. Then, once you’re caught up you can potentially refinance or obtain a loan modification.
Reduce Other Debt
You can often take advantage of these additional benefits:
– Pay as little as ZERO to your unsecured creditors.
– Low your car payment and interest rate.
– Pay off tax debt.
– Pay student loan debt at the expense of your other creditors.
– Eliminate a 2nd mortgage.
– Eliminate judgment liens.
– Restore utilities.
– Stop garnishment.
– Stop collection agencies.
– Allows you to get caught up on homeowners association fees over up to 60 months.