Filing bankruptcy

This web site explains the differences between Chapter 13 and Chapter 7. It also explains the advantage of Chapter 13 over Chapter 7

You must have your loan modification done first. Then you "reaffirm" your mortgage in your bankruptcy. If you file bankruptcy first, you may not qualify for the modification as you need to prove a certain amount of hardship. Let me know if you need a professional to help you. My company is rated A+ with the BBB.

The answer to your questions depends on many factors.  A chapter 13 bankruptcy is typically the method used to catch up with mortgage arrears (past due payments) over time through a chapter 13 plan of up to 60 months duration.  It is possible to do a loan modification -- but depends in large part on the lender you are dealing with and the district you are in.  For example, here in New York in the Southern District there is a Loss Mitigation procedure that can be used to seek a loan modification after filing bankruptcy.
 
You may find our Blog post Chapter 7 or Chapter 13 Bankruptcy Filing in New York? on this topic helpful, as well as some of the other related posts on our Blog at www.newyorkbankruptcylawyerblog.com/.  You may also find the Frequently Asked Questions (FAQs) on our website at www.starrandstarr.com helpful for further information regarding personal bankruptcy topics.
 
The foregoing is not intended as legal advice for your situation.  Facts and circumstances not disclosed in your brief posting may materially affect your rights.  You should consult with an attorney in your jurisdiction.  There are many people trying to sell solutions are the Internet -- you should avoid them and meet with an attorney admitted to practice in your state.  One way to locate an experienced bankruptcy attorney is through the Legal Referral Service of the Bar Association in the County or City where you live, or through the National Association of Consumer Bankruptcy Attorneys website at http://www.nacba.org/attorneyfinder/.
 
 __________________________
Stephen Z. Starr
STARR & STARR, PLLC
New York, NY 
e-mail info@starrandstarr.com
www.starrandstarr.com
 
 
 

In general, most debtors prefer to file for Chapter 7 because it eliminates most unsecured debt and is easier. However, not every debtor qualifies for Chapter 7. In some cases, repaying debt over time in a court-approved Chapter 13 repayment plan provides benefits that are unavailable in Chapter 7.

When comparing Chapter 13 vs Chapter 7 bankruptcy, it may be more appropriate for a debtor to choose Chapter 13 when the following circumstances apply:

You do not qualify for Chapter 7, You want to repay debt, You want to save your home from foreclosure, You want to stop the repossession of your car, You want to keep nonexempt property, you have debts that are not dischargeable under Chapter 7, You have a nondischargeable debt that you want to repay over time

Chapter 7 bankruptcy is appropriate when the given circumstances apply:like - You are unable to repay debt in a repayment plan, You need quick relief from creditors, Most debt is dischargeable.

You can get more information about chapter 7 and chapter 13 bankruptcy at FilingBankruptcyNow.com