What happens if I am behind on my mortgage payments during Chapter 13 Bankruptcy?

If you are behind on your mortgage payments during a Chapter 13 Bankruptcy in South Carolina, you will need to make sure that you continue to make regular mortgage payments. If you have missed any payments, you will also need to catch up on those missed payments. Additionally, you will have to include the amount of your mortgage in your Chapter 13 payment plan. Your Chapter 13 payment plan requires that you pay your creditors based on the amount of money you have available to pay your unsecured debts. This means that the amount of money you have to pay your mortgage in the plan could be less than the amount required by your mortgage contract. You will also have to make sure that once you have completed your Chapter 13 payments, that you can make regular payments on your mortgage. During the time you are in Chapter 13, you are still required to make payments on your mortgage, unless the court orders you to suspend your payments or there is an agreement between you and the lender to allow you to reduce the payment amount. If you fail to make the required payments, the creditor may be able to file a motion with the court to require you to make the missed payments or to even have your Chapter 13 Bankruptcy dismissed. To avoid this, it is important to make your payments on time and in full.

Related FAQs

What is the difference between a secured and unsecured debt in Chapter 13 Bankruptcy?
What happens to late payments during Chapter 13 Bankruptcy?
What is the discharge of debts in Chapter 13 Bankruptcy?
What is the process for approving a Chapter 13 Bankruptcy plan?
What is a creditor’s proof of claim in Chapter 13 Bankruptcy?
What is the difference between a debtor in possession and a trustee in Chapter 13 Bankruptcy?
What are the differences between Chapter 13 Bankruptcy and Chapter 7 Bankruptcy?
Are there any limits on the amount I can spend on household items while in Chapter 13 Bankruptcy?
What is a reaffirmation agreement in Chapter 13 Bankruptcy?
How can I stop creditors from harassing me during Chapter 13 Bankruptcy?

What happens if I am behind on my mortgage payments during Chapter 13 Bankruptcy?

Related FAQs

Related Blog Posts