Is Skipping a Mortgage Payment to Pay for Bankruptcy a Smart Move?

Is Skipping a Mortgage Payment to Pay for Bankruptcy a Smart Move

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California residents planning to file for a Chapter 7 or Chapter 13 bankruptcy have some opportunities to skip payments on certain bills in order to save up cash for legal fees and court costs. There are also certain bills which should be paid consistently, if at all possible. Skipping these types of bills can affect your life directly, not be dischargeable, or both. Be sure to confer with your bankruptcy attorney to make sure you skip the right ones. To keep your life as normal as possible, the following are the bills on which you should do everything you can to pay, if circumstances allow:

Your mortgage payment If you're contemplating a bankruptcy filing, life is probably stressful enough. Don't compound things by getting in trouble with the lender on your home.

Taxes Taxes won't be discharged in a bankruptcy anyway. Getting in trouble with the IRS will just make things tougher than they already are.

Utilities Life as normal requires lighting, heat, and water. Skipping these bills is going to get them all turned off eventually, and filing for bankruptcy won't get them turned on any time soon.

Alimony and child support These payments aren't dischargeable either and skipping them can get you charged with "contempt of court" among other things.

Your car Your vehicle won't be protected until the filing is submitted. You may be able to get behind by a payment or two but don't press your luck on repossession if you don't have to.

The bills which can be skipped to save money are the unsecured debts such as personal loans, medical bills, and credit cards. Don't start skipping them before consulting your bankruptcy attorney. You can probably go from one to three months before the collection calls start but don't go much longer than that. At that point you run the risk of creditors placing liens and trying to get judgments against you. Filing your petition after a couple months of missed payments will get an automatic stay put in place which will prevents and legal actions.

If you're currently making all your payments talk to your bankruptcy attorney to determine the best options to save money before filing for bankruptcy. With the right strategy, you can skip some big payments and save some money without major life disruptions.

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