Can I Surrender my Home If I am in a Chapter 13 Bankruptcy?
Many people file Chapter 13 bankruptcy because they are looking for protection from foreclosure. However, there are some who will never be able to afford their home, even if they are making Chapter 13 payments. Could a Chapter 13 bankruptcy prevent you from walking away from your home?
In reality, a Chapter 13 bankruptcy can make walking away from your home easier. An experienced and qualified bankruptcy attorney can help you make the necessary decisions. If you choose to give up your home, your bankruptcy lawyer will amend your Chapter 13 payment plan. What happens if the home sells for less that you owe? If you are in a Chapter 13 bankruptcy, the deficiency on your mortgage gets discharged when you complete your payment plan; that is, you will not be responsible for the difference if the selling price is less than what you owe on your mortgage.
You must know, however, that you will still need to make your amended Chapter 13 payments. Even though you may no longer be required to pay your mortgage costs, you will be required to make payments for the rest of your debt.
If you are thinking about walking away from your mortgage, you should consider hiring the best bankruptcy lawyer you can find. Unlike attempting to walk away from your home on your own, a bankruptcy lawyer has the knowledge, experience, and expertise to help you settle your debt—including your mortgage debt—in the most prudent way possible. Rather than feeling confused and alone, a bankruptcy lawyer is there to provide sound legal guidance through these tough problems and make sure you get the results you want.
With all the advertisements for so many different bankruptcy lawyers, how do you know which one is right for you? Not everyone wants the same thing out of a bankruptcy. How can you find the best bankruptcy attorney for your case?
Well, the first step to finding a qualified and experienced bankruptcy attorney is doing your research. Make sure that any attorney you are looking at has actually completed enough bankruptcies to discharge. Additionally, look for an attorney that gives out plenty of free information about bankruptcy law for your education. Remember: many bankruptcy attorneys offer free consultations. Use that consultation as an opportunity to interview your attorney. The right bankruptcy attorney can assist you in a surrendering your home during a Chapter 13 bankruptcy.
About the Author
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of average, hard-working American families for over 15 years. He has dedicated his career to educating consumers about their options for debt relief and has consequently released 5 publications, including, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." You can find more information by visiting his website at http://www.CastleLaw.net .
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