How Chapter 7 Bankruptcy Affects Your Home And Mortgage
It may be difficult to navigate the complicated landscape of financial turmoil, especially when it comes to overseeing a mortgage loan. Bankruptcy may be an option if you are having trouble making your monthly mortgage payments and are concerned about losing your home to foreclosure. Two primary alternatives for filing for bankruptcy are Chapter 7 and Chapter 13.
Keep reading this blog to know how Chapter 7 bankruptcy affects your home and mortgage. A fresh start is possible with a Chapter 7 bankruptcy by wiping out all your debts, including those owed to your mortgage lender. You might, however, end up losing your home as a result. Chapter 13 bankruptcy, on the other hand, allows you to reorganize and create a detailed plan that will allow you to make up missed mortgage payments.