When tough economic times hit, it can be hard to keep up with all of your bills. You still have your mortgage payment, car payment, food budget, daily living expenses, and the kids to feed. At some point in time, especially if you’ve recently lost your job or had a pay cut because of the recession, you may find yourself facing a foreclosure situation. The fact of the matter is, foreclosure happens to the very best of people. It’s not something to be ashamed or embarrassed of. Fortunately, if you are facing foreclosure there is some help.
If you want to save your house, you may want to consider Chapter 13 bankruptcy. This is different than Chapter 11 in many ways, and some of the key differences are:
- When you file Chapter 13, you still pay your creditors for up to five years. This gives you a chance to catch up on what you may be behind on.
- You can keep your house and other belongings by working with a trustee who will help pay your creditors.
- You pay a trustee a small portion in order to make sure your debts are taken care of.
This type of bankruptcy can be a great option for many people who are a facing foreclosure. By contacting a bankruptcy lawyer, you can figure out your options with a flexible and creative bankruptcy plan. There’s no shame in asking for some help, so if you’ve found yourself down on your luck, consider Chapter 13.