I understand that with Chapter 13 mutal payment arrangements are set up with the court and the creditors that you owe. My question is this, I am in danger of having my home foreclosed on because I can no longer maintain the payment. I have considered Ch 13, however are the payment arrangements made accomindating to my financial limitations, since I current can't afford to pay my mortage?
Chapter 13 repayment to creditors
1 Comments:
Yes, a Chapter 13 Wage Earner Plan is based on your ability to pay, but it must also be accepted by your creditors. Generally, to keep your house, you must continue to make your mortgage payments, unless the mortgage holder agrees to accept a lesser amount.
If you cannot afford to pay the mortgage, it may be better for you to sell the house, rather than go through a foreclosure.
A bankruptcy attorney can provide you with further details.
By Bankruptcy Expert, at 4:19 PM
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