How long does it take to lose a house through bankruptcy proceedings?
Jan Meriss Alfonso Assistant at Ascent Law LLC If you've been behind on your mortgage payments and want to avoid losing your house through bankruptcy, you can apply for a Chapter 13 bankruptcy. This type of bankruptcy wipes out most of your outstanding debt and can help you catch up. Chapter 7 bankruptcy is another option that can help you keep your house but also wipes out most of your debt. This method may not be right for everyone. Chapter 13 bankruptcy can help you catch up on mortgage arrearages Filing for Chapter 13 bankruptcy can help you catch up on your mortgage arrearages. A Chapter 13 plan will allow you to catch up on missed mortgage payments over a three-year period. During that time, you will not lose your property. Each state determines what types of property a debtor can keep and how much equity is protected. These figures are listed in the state's bankruptcy exemptions. If you have equity in your home but it is not covered by your exemptions, you will have to...