Difference Between Bankruptcy And Foreclosure
Chapter 13 bankruptcy and property?
Can anyone help? I'm thinking file for Chapter 13. I thought about the difference between Chapter 7 and Chapter 13. Basically I have two concerns. 1. If I begin to file for Chapter 13, if I approved by the courts or not, creditors to pursue legal action to garnish the wages and / or a lien on my house? Can they continue to try to continue the legal action to collect during the application process before it is approved by the courts? 2. I foreclosure on my house, but now is working with the lender for a payment plan or modification loan to stop foreclosure. seizure procedure stops once the payment option developed. Should the report of my house when the filing of Chapter 13? Will I lose my house? I will not do anything until you know what the mortgage company said. Bankrupt before the work is completed on the program with the lender will proceed with the eviction. I will lose my home safely.
A chapter 13 is to work with creditors and develop a payment plan. Chapter 7 is DESOLVE debt. If you are filing to notify your creditors when they call you made and talk to your lawyer. They can carry. Chapter Om 13 do not lose your home because you are working on a payment plan. Chapter 7, you can choose to keep your home if you can get somethig worked with her mortgage company. Hope this helps
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