Can I keep my home in Chapter 13 Bankruptcy?

Yes, it is possible to keep your home in Chapter 13 bankruptcy in West Virginia. Chapter 13 bankruptcy is a type of reorganization bankruptcy that allows individuals to keep their property and pay their creditors over a period of time (typically three to five years). In West Virginia, filing for Chapter 13 bankruptcy will stop foreclosure proceedings, as long as you make regular payments and follow the plan outlined by the court. Your Chapter 13 payment plan will be based on your current income, family size, and other factors. This plan will include payment of a portion of your unsecured debt such as credit cards, medical bills, and other bills. Your secured debt, such as your mortgage, will also be included in the payment plan. When filing for Chapter 13 bankruptcy, you will need to make sure you make your monthly mortgage payments, as well as the payments outlined in your bankruptcy plan. If you fail to make your payments, the court may allow your lender to proceed with foreclosure. However, if you make all payments on time and follow the plan outlined in your bankruptcy, you can keep your home and repay your creditors while still having the benefit of bankruptcy protection. Keep in mind that while Chapter 13 bankruptcy can help you keep your home, it does have a negative impact on your credit score.

Related FAQs

What happens to joint debts in Chapter 13 Bankruptcy?
How does Chapter 13 Bankruptcy affect my ability to acquire new credit?
How do I calculate my disposable income for Chapter 13 Bankruptcy?
Can I keep my car in Chapter 13 Bankruptcy?
What are the advantages of a Chapter 13 Bankruptcy plan over a Chapter 7 Bankruptcy plan?
How can I stop creditors from harassing me during Chapter 13 Bankruptcy?
How do I find a trustee to help me file Chapter 13 Bankruptcy?
How to I file a motion to extend the plan in Chapter 13 Bankruptcy?
How long do I have to make payments under Chapter 13 Bankruptcy?
How do I know if Chapter 13 Bankruptcy is right for me?

Can I keep my home in Chapter 13 Bankruptcy?

Related FAQs

Related Blog Posts