Has your mortgage become unmanageable? Fortunately, there are numerous ways in which bankruptcy can help you manage a mortgage situation that has spiraled out of control.
Filing Chapter 7 bankruptcy, also known as liquidation, eliminates credit card, medical and other forms of debt. No longer having these in the picture is often all someone needs to manage mortgage payments going forward. If keeping the property is not important to you, the mortgage can also be eliminated entirely in Chapter 7.
Chapter 13 bankruptcy, also called reorganization, does exactly what its name implies. In Chapter 13, mortgage arrears are placed into a payment plan along with other debts, with manageable payments scheduled over a three- to five-year period. Chapter 11 is similar, for those with a higher amount of debt.
Call us today to find out how we can make your mortgage manageable again.