Can I keep my home when filing for bankruptcy?

Yes, it is possible to keep your home when filing for bankruptcy in Maryland. This is typically accomplished through a process known as a Chapter 13 bankruptcy. In this type of bankruptcy, you work out a payment plan with your creditors for a set period of time (usually three to five years). During this time, you make payments on your debts and also make payments to your creditors towards the full amount of the debt. Once the payment plan is complete, your remaining debts are discharged or eliminated. In most cases, Chapter 13 bankruptcies are used for individuals who need to stop foreclosure on their homes. Your mortgage payments are incorporated into the payment plan, allowing you to make up your missed payments over a set period of time and keep your home. In addition, depending on the type of loan you have, a Chapter 13 bankruptcy may also allow you to reduce your principal balance, lower your interest rate, or extend the length of your loan, making it easier to make your payments. It is important to keep in mind that filing for bankruptcy is a long and complex process. You need to understand the process and the different types of bankruptcy in order to make an informed decision. Be sure to speak to a qualified bankruptcy attorney in Maryland to help guide you through the process and to ensure that you are taking the best course of action for your situation.

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