If I apply for bankruptcy could I save my home?
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If I apply for bankruptcy could I save my home?
I have the creditors at my door, car was taken and behind 4 months on my mortgage.
Asked on November 17, 2011 under Bankruptcy Law, New York
Answers:
Robert Braverman / Law Office of Robert Braverman, LLC
Answered 12 years ago | Contributor
There are several ways you can try and save your home. One option would be Chapter 13 bankruptcy which would allow you to pay your missed mortgage payments over 3 to 5 years. It can also help reduce or eliminate other debts. Whether it would work in your circumstances depends on a number of factors, including your income and expenses, the equity in your assets, the exemptions available, etc. I certainly think you should consult with a bankruptcy attorney. Mortgage modification is also an option you should consider.
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