To protect your residence, vehicle, and other assets, you can declare Chapter 13 bankruptcy. Chapter 13 allows you to repay some or all of your debts over a three- to five-year period. Courts will determine the duration of your repayment term. The repayment schedule is tailored to your requirements and income level. Typically, the greatest available term for repayment is five years. A skilled attorney can get you a decent deal.
By registering for Chapter 13, you also receive protection from a ""automatic stay."" This means that a judge can halt all collection efforts against you for several months, during which time you will not be required to leave your home or have your vehicle or other assets seized.
And if you file Chapter 13 bankruptcy before your home is foreclosed, you can stop the foreclosure. Even if you are unable to make your mortgage payments, you may still be able to save your home. With the aid of an experienced attorney, you can delay or even stop a current foreclosure on your home.
This automatic stay also protects against the loss of home utilities. Without utilities such as electricity, gas, and water, it can be very difficult to reside in a home. By registering for personal bankruptcy, however, you can prevent the loss of such utilities. It's possible that you'll be able to pay off your debts within a few months, and you'll never have to worry about losing your utilities again.
Even after filing for personal bankruptcy, you should consult with an attorney about how to retain possession of your home, vehicle, and other assets. Your attorney can help you negotiate with your creditors for a debt repayment plan that is suitable, flexible, and less taxing. A skilled attorney can help you pay off your debts without losing your home or other assets during the bankruptcy process.
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