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Would filing for bankruptcy avoid you from having to pay the difference of what your home sells vs what you owe?

elnoralittle · Posted: Sat Apr 25, 2009 7:48 pm Post subject:

Ultimately it is up to the judge, but most times, yes, the process delays foreclosure for about 5 years. Make sure you have an attorney that knows what they are doing.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

If you do not have any other debts besides your home, it might not make sense to file Chapter 13 bankruptcy to avoid a foreclosure. Chapter 13 can turn out to be a pretty expensive repayment plan, so if you do file, you should know what to expect as a monthly payment.

First of all, you have to keep paying your regular mortgage payment to the bank every month. You have to keep on track with the normal payment throughout the period of the Chapter 13 repayment plan. This monthly bill will not be lowered by the courts.

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Should you file for bankruptcy if your home is in foreclosure?