Therefore, if you want to retain your home, which chapter is more advantageous? It is possible to retain property, such as a home, in a Chapter 7 bankruptcy. To accomplish this, you must ""reaffirm"" your debt and continue making installments. A reaffirmation is an agreement between you and the lender that allows you to continue paying the debt under the original terms. In exchange, you retain ownership of your property.
What if you're behind on your mortgage payments? Chapter 13 may be more advantageous than you anticipated. You can protect your family from foreclosure by incorporating delayed payments and late fees into a Chapter 13 payment plan.
If you still wish to file for Chapter 7, you can make up your missed payments and reaffirm your commitment to repay the debt, but this may not be your best option. If your mortgage payment is the problem in your budget, will continuing to pay it as-is help? Examine your financial situation in detail. Chapter 13 could provide you and your family with significant benefits.
Choosing which chapter of bankruptcy to file can be difficult for individuals who file bankruptcy on their own. If you have decided to file with a St. Louis bankruptcy attorney, he or she can evaluate your situation and help you determine the best option for your family. If you are still intent on filing bankruptcy on your own, do the right thing for yourself and your family by gathering all the necessary information. You wouldn't want to go through the entire bankruptcy procedure only to discover that you haven't done everything possible to assist yourself.
How can you discover the information you need to make an informed choice? Utilize free articles, blogs, bankruptcy FAQs, and even free publications to gain as much knowledge as possible about the bankruptcy procedure. Remember that the most essential thing you can do for your family is to make an informed decision.""
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