Lefkovitz & Lefkovitz

Nashville Office 615-256-8300       Cookeville Office 931-400-2218

Nashville Office 615-256-8300
Cookeville Office 931-400-2218

Serving all of Middle Tennessee’s Bankruptcy Needs

  1. Home
  2.  » 
  3. Uncategorized
  4.  » Is it possible to keep my house in bankruptcy?

Is it possible to keep my house in bankruptcy?

On Behalf of | Jan 9, 2017 | Uncategorized |

Financial difficulties can be incredibly stressful, whether they are caused by a job loss, a divorce, an illness or another problem. A person can lose sleep, feel powerless and suffer multiple symptoms of depression and anxiety. Above all else, some homeowners are terrified of losing their home during a hard time.

What factors are important when it comes to keeping a home during a bankruptcy? It depends on the circumstances. In some cases, a bankruptcy filing can save a home while providing debt relief and helping a consumer get back on his or her feet.

How can Chapter 13 prevent foreclosure?

Chapter 13 bankruptcy is appropriate for certain people, sometimes because they don’t qualify for Chapter 7 and sometimes for other reasons. A Chapter 13 filing can do two crucial things to help consumers keep their houses:

  • It can halt the foreclosure process and stop a sheriff’s sale of a property.
  • It can establish a payment plan for a homeowner to deal with mortgage arrears and other debts that threaten his or her ability to make timely mortgage payments.

How can a Chapter 7 be used to help keep a home?

If you simply can’t afford your house in the long-term (because of a permanent income reduction, a divorce or another life change), bankruptcy can’t help you keep that house. But if credit card debt, medical debt, a temporary layoff or another repairable issue is keeping you from being able to make mortgage payments, a Chapter 7 may be useful for helping you keep your house.

Is bankruptcy the right thing for me?

Every situation is unique. Many different factors can cause debt problems and mortgage concerns. The best thing to do is to consult an experienced bankruptcy attorney to discuss the possible benefits of bankruptcy.

Photo of Professionals At Lefkovitz & Lefkovitz

RSS Feed

We help individuals and businesses find the right solution to their money problems.

Our Practice Areas

Debt Relief
Debt Management
Bankruptcy FAQs