Can I keep my house if I file bankruptcy?
Yes. You will continue to pay all mortgages payments just like you do now. If you are not current on your mortgage payments you may need to file a chapter 13 or enter into a loan modification.
What if I am behind on my mortgage payments?
If you are behind on mortgage payments or you have no equity to secure a second mortgage a chapter 13 may be your best option. Chapter 13 will allow you to begin a repayment plan to get you current on mortgage payments and late fees. Additionally, if you have a second mortgage and there is not enough equity to secure that mortgage you may be able to eliminate that second mortgage as a lien against your house. Chapter 13 can also provide a repayment plan for past due property taxes.
What if I owe more on my car than it is worth?
In some instances you can reduce the overall debt you owe on your vehicle. You may also be able to reduce the interest rate.
What if I owe taxes?
Bankruptcy can provide a number of options for tax debt. Some taxes may be dischargeable with a bankruptcy filing. Even if bankruptcy isn’t the answer for your tax debt you may have other options. Tax debt can be complicated and it is best to sit down with an experienced attorney to evaluate your specific situation.
What if I have business debt?
If you are drowning in business debt and want to continue to operate your business you may need a chapter 13 or a workout with your creditors. If the business has closed and you have personal guarantees on business debt you may need to look at a chapter 7 to discharge the debt.
Can I eliminate my student loan debt?
Unfortunately, bankruptcy does not provide a lot of relief for student loan debt. If you have other debt it may be beneficial to reduce or eliminate other debt payments making your student loans more affordable.