Bankruptcy

A Repayment Plan for Mortgage Default

Seeking Expert Advice for Foreclosure Challenges

In a Chapter 13 Bankruptcy petition, if granted, the courts are looking at your ability to plan repayment of your debts. In this case, the courts may allow for the repayment of your mortgage default amount to be split over a set period, say 5yrs, however this payment is still in addition to your regular mortgage payment. The higher the default amount, the higher the monthly repayments will be. It could be said that this form of bankruptcy is like a loan modification, however instead of reducing your payments, it will increase them.

While Bankruptcy can be a great option for some, it may not be the right option for everyone. Many people receive the wrong advice or believe bankruptcy can help them in a way that it will not. For some having filed bankruptcy, they later find themselves back in foreclosure having not been properly educated about the process.

It is crucial for you to get the right advice and our representatives here at BQuest we have experience working with several bankruptcy attorneys who we have found to be both affordable and who work in your best interests.