subject: If I've Chosen to File a Chapter 7, Can I Stay in my Home? [print this page] If I've Chosen to File a Chapter 7, Can I Stay in my Home?
The first thing that probably comes to your mind when thinking of bankruptcy is a Chapter 7. It is your typical bankruptcy and involves getting rid of many of your debts in a short period of time. Conversely, a chapter 13 gives you a reorganization plan that allows you to pay back your creditors and hold on to your property.So, if you want to keep your house, which chapter is better for you? In a Chapter 7, keeping your home is an obtainable goal. For that to happen, you must reaffirm the debt you already have and press on with your payments. If you reaffirm, you make a legally enforceable agreement with your lender to continue to make your payments. In return, you get to keep your property.What if you have missed some mortgage payments? You may want to look into a Chapter 13 bankruptcy as a better option. You can include missed payments and late fees in a Chapter 13 payment plan and ensure that your family is protected from foreclosure.If you still want to file a Chapter 7, you can make up your back payments and reaffirm to pay the debt but it may not be the best decision for you. If your house payment is the kink in your budget wheel, will it help you to keep paying it as is? Take a long, honest look at your financial position. A Chapter 13 might be the best option for you and your family.Deciding which chapter of bankruptcy to file is often a frustrating choice for people who decide to file bankruptcy by themselves. If you have chosen to file with a St. Louis bankruptcy attorney, he or she can take a look at your situation and help you figure out which option will be best for your family. If you are still set on filing bankruptcy on your own, do right by yourself and yoru family and gather all the information you need for an informed, educated decision. You wouldn't want to go through the entire bankruptcy process only to found that you haven't done everything you could have to help yourself.How can you find the right information to make an educated decision? Look for free articles, blogs, bankruptcy FAQ, and even free publications to learn all you can about the bankruptcy process. Don't forget, the most important thing you can do for your family is to make a decision with all the facts in mind.
