Can I file for Chapter 13 bankruptcy and keep my home?

NJ Bankruptcy Law FAQ

Q) Can I file for Chapter 13 bankruptcy and keep my home?

A) A Chapter 13 bankruptcy is designed specifically for individuals who have a consistent stream of income and have the ability to afford to repay their debt over a period of time. The debts are reorganized into a repayment plan that lasts from three (3) to five (5) years depending on the individual case. Creditors are prohibited from seeking any collection action while the bankruptcy stay issued by the Bankruptcy Court is in place. The stay provides the debtor with the ability to repay what is owed and get back on track without losing secured debts, such as a car or home.

Past due mortgage payments can be included in your repayment plan which would allow more time for the repayment of the debt. In the event that you wish to attempt to save your home from foreclosure, please contact an experienced bankruptcy attorney as soon as possible to arrange for a free consultation.

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Villani & DeLuca P.C. are experienced bankruptcy attorneys.  Call 732-965-3390 for a free phone consultation.