Can I Keep My House?
If you are in debt and fearful of losing your home, one of the best ways to protect your investment and improve your financial situation is to file for bankruptcy.
I’m Memphis bankruptcy attorney Ben Sissman. I offer experienced, compassionate, reliable advice to homeowners who are facing debt problems. I offer a
free initial consultation to discuss your situation and answer your questions.
Can I Keep My House If I File For Bankruptcy?
Filing bankruptcy will put an immediate stop to the threat of
foreclosure and help you reduce or eliminate your debt. There are two main types of consumer bankruptcy protection:
- If you are current on mortgage payments or can get caught up fairly soon,
Chapter 7 bankruptcy offers many advantages. Chapter 7 bankruptcy allows you to discharge many types of debt such as payday loans, credit card bills, gambling debts and hospital bills. It also protects the equity in a home up to a certain level. Discharging other debt frees up money to pay your mortgage.
- If you are behind on your house payments,
Chapter 13 bankruptcy will allow you to pay off your arrearages over a three- to five-year period without interest or penalties. Chapter 13 bankruptcy also allows you to reduce other types of debt, such as payday loans, credit card bills, gambling debts and hospital bills to an amount you can afford to pay.
What If I Can’t Afford My House Payments?
If you can’t afford your house payments even after getting rid of other types of debt, bankruptcy can give you time to decide what you want to do. Bankruptcy will protect you from foreclosure while you pursue other options such as negotiating a
loan modification with your lender. If you are unable to keep your home, you can continue to live in it without paying mortgage payments while your bankruptcy filing is in process and until the lender has completed foreclosure.
Free Consultation | Memphis Bankruptcy And Foreclosure Defense Attorney
The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.