DiTocco Law Group, PLLC
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Chapter 13 and foreclosure defense

This blog has discussed the difference between Chapter 13 and Chapter 7, which are the two types of bankruptcy most private residents of South Florida would file should they get into financial distress.

Each type of bankruptcy has its advantages and disadvantages. In many cases, for instance, a Chapter 13 may be the only viable option because a family earns too much income to qualify for a Chapter 7.

However, there are some occasions in which a family may wish to choose to file a Chapter 13 because of their specific financial situations.

For instance, a Chapter 7 bankruptcy is not usually the best way to stop a foreclosure of one's home in the long term. While a Chapter 7 can delay the foreclosure process, ultimately, the bank can still take a home as collateral even after a family goes through bankruptcy. The Chapter 7 will simply protect a family from the bank's pursuing them for any shortfall following the sale of the home.

On the other hand, through a Chapter 13, a family can continue to make mortgage payments as part of their repayment plan that they must submit to the court. More importantly, the Chapter 13 process allows the family to make payments to catch up on any delinquent balance they owe on the mortgage. If they successfully complete a plan, they are able to save the home from foreclosure by clearing up their default.

Whether it is advisable to try to save one's home through a Chapter 13 bankruptcy is a question best answered with the help of an experienced attorney. Likewise, even if it is the best course of action, filing a Chapter 13 bankruptcy is a complicated process.

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