You were injured at work and didn’t receive a pay check for several months. Your house payment fell behind. Now the bank wants to repossess. What can you do in bankruptcy?
Chapter 7 and Chapter 13 give you two very different options for keeping your house. In Chapter 7 the only thing you can do is bring the debt current and sign a reaffirmation agreement. This type of agreement basically says that you are pretending that the bankruptcy didn’t happen, and your debt on the mortgage and note will not be discharged at the end.
If you could do this you probably wouldn’t be in bankruptcy. Fortunately, Chapter 13 gives you a better option. In Chapter 13 you can tell the bank that you will begin making the regular monthly payment and then pay back what you are behind over time, a minimum of 36 months. The bank will have to take this proposal in most cases. At the end of the bankruptcy your loan will be rehabilitated.
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