Filing For Chapter 13 Bankruptcy Can Help People Keep Their Homes

There are some people who would rather lose their homes to foreclosure than to file for chapter 13 bankruptcy

. That's because they see bankruptcy as a 100 percent negative process. Even though there may also be a negative stigma attached to people who go through foreclosure, going through this difficult financial struggle is just as bad or even worse in some people eyes. Contrary to this belief, however, filing for chapter 13 bankruptcy instead of losing a home is actually the best route to take, in many cases.

One of the most obvious reasons is because it gives people a chance to still keep their homes. This is extremely beneficial, because losing a home is not only heartbreaking, but it can cause a lot of other issues too. First of all, homeowners have to go through the hassle of finding another place to stay. They also have to deal with the irritation of moving furniture and other items from the old place into the new one. Then, there's the question of how they'll be able to fit all of their belongings, especially if they move into a smaller space. This may seem like a small and insignificant issue. However, going through financial difficulties while having to move and deal with other issues such as trying to find a suitable place to house items, only magnifies the difficulties. That's because, when people go through tough times, almost everything, even seemingly menial issues seem to be magnified.

Another reason that filing for chapter 13 bankruptcy instead of losing a home is a good idea is because it prevents people from putting all of their hard work to waste. Purchasing a home isn't the easiest process in the world. First of all, a person has to qualify. Then they have to put down thousands of dollars for a down payment. Many times, people also put a lot of maintenance work into their homes along with thousands of dollars of updates. So, allowing a home to go into foreclosure when there are other options only puts the homeowner at a disadvantage by forcing them to basically waste the time and effort they put into their home. Therefore, all of the money and effort they put into it up to that point would basically go down the drain. That's why it's a better option to go through a process that will allow them to keep their home and then maybe even eventually pay off their debts.

Although there might be a stigma attached to filing for chapter 13 bankruptcy, it is much better than losing a home.

by: Abraham Avotina

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