Can I keep my home in Chapter 13 Bankruptcy?

Yes, you may be able to keep your home in Chapter 13 Bankruptcy in California. Chapter 13 Bankruptcy is a form of debt reorganization that allows you to keep certain assets, such as your home, while reorganizing your debt under a court-supervised repayment plan. The repayment plan sets out a budget that must be followed and payments must be made on a regular basis. Generally, the payments will be made to a trustee appointed by the court and then distributed to creditors. In order to keep your home in Chapter 13 Bankruptcy, you must be able to afford the payments and be able to make them in a timely manner. You must also be able to complete your repayment plan as outlined by the court. If you are able to keep up with the payments and complete the repayment plan, then you will be able to keep your home. If you cannot pay your mortgage or any other payments, you may be able to negotiate a loan modification or other payment plan with your lender. This could allow you to keep your home, but it is not guaranteed. It is important to remember that in Chapter 13 Bankruptcy, you will still be responsible for the payments of the debts that you have, but you can reorganize those payments so that they are more affordable. The best way to know if you can keep your home and make the payments is to speak with a bankruptcy attorney in California to discuss your specific situation.

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