If you’re behind on your home property taxes, Chapter 7 may well not buy you enough time to catch up. However, Chapter 13 likely would.
Today we cover the 4th one of the 10 ways we listed recently that Chapter 13 helps you keep your Utah home. When we gave the list we wrote:
4. Get Current on Past Due Property Taxes
Filing a Chapter 7 case doesn’t protect you from property tax foreclosure—beyond the four months that a case lasts. However, Chapter 13 does protect you and your home while you gradually catch up on those taxes. …
If you’re behind on your mortgage and want to sell, Chapter 13 lets you delay the home sale for years and pay the arrearage out of the sale.
In a recent blog post we listed 10 ways Chapter 13 helps you keep your home. Here’s the third one of those ways:
3. Much Greater Flexibility in Selling Home
If you want to sell your home while in the midst of a lot of financial pressure, Chapter 7 “straight bankruptcy” does not buy you much time. It protects you and your home from your mortgage lender for at most only about …
“Stripping” off a second mortgage helps your cash flow, saves many thousands of dollars, and improves your home’s equity position.
In a blog post last week we listed 10 ways Chapter 13 helps you keep your home. Here’s the second one of those:
2. Stripping Second or Third Mortgage
Under Chapter 7 you simply have to pay any second (and third) mortgages on your home or lose the home. However, Chapter 13 gives you the possibility of “stripping” that junior mortgage lien off your home’s title. This could potentially save you hundreds of dollars monthly. You could also end up …
Under a Chapter 13 payment plan you have much, much more time to catch up on both unpaid mortgage payments and property taxes.
Last week we wrote a blog post that listed 10 ways Chapter 13 helps you keep your home. Here’s the first of those ways it can help:
1. Gives You More Time to Catch up on Unpaid Mortgage Payments
Chapter 7 usually gives you a very limited amount of time, usually a year at the most, to catch up on your mortgage loan. In contrast Chapter 13 often gives you years to catch up. This can greatly …
Chapter 7 gives you advantages with secured debts. But Chapter 13 can be much better. Starting with a much stronger “automatic stay.”
The last blog post explained how filing a Chapter 7 “straight bankruptcy” can:
1) temporarily or permanently stop your secured creditors from taking your property in which they have a lien;
2) prevent creditors with an unsecured debts from turning it into secured debts;
3) help you keep the property which has a creditor’s lien; and
4) if you want, enable you to surrender the collateral to the creditor without owing anything more on the debt thereafter.