Can I keep my house in a Chapter 11 bankruptcy?

Yes, you can keep your house in a Chapter 11 bankruptcy in South Carolina. Chapter 11 bankruptcy, also known as a “reorganization” bankruptcy, is a legal process aimed at providing debtors with more flexible terms for repaying their debts. Under Chapter 11 bankruptcy law, debtors are allowed to keep their property, including their homes, as they reorganize their debt repayment plans. When filing for Chapter 11 bankruptcy, you must create and submit a debt repayment plan. This plan must be approved by all creditors and the court, and will become the terms for repayment. If your repayment plan is approved, you can keep your home. Any payments due on the house will need to be made under the repayment plan. Additionally, you will need to continue keeping up with insurance payments and other ongoing costs of maintaining the home. For debtors struggling to make their mortgage payments, Chapter 11 bankruptcy can provide important relief. Under Chapter 11 bankruptcy law, the court may decrease the amount of your mortgage payments and extend the timeline for repayment over a period of several years. This can help to reduce the monthly payments and make them more affordable. Overall, Chapter 11 bankruptcy is a useful tool for those who need debt relief. By allowing debtors to keep their homes and benefit from more flexible repayment terms, Chapter 11 can help to make debt payments manageable and ensure debtors make progress towards repayment of their debts.

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