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Bankruptcy Law Practice in Denver and the following areas
Chapter 13 Bankruptcy protects individuals from the collection efforts of creditors; permits individuals to save their homes from foreclosure and keep their real estate and personal property; and provides individuals the opportunity to repay their debts through reduced payments.
Individuals may use a chapter 13 proceeding to save their home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as the individual files the chapter 13 petition. The individual may then bring the past-due payments current over the duration of their Plan. Nevertheless, the debtor may still lose the home if the mortgage company completes the foreclosure sale under state law before the debtor files the petition. 11 U.S.C. § 1322(c). The debtor may also lose the home if he or she fails to make the regular mortgage payments that come due after the chapter 13 filing.
Another benefit is that the time your Chapter 13 bankruptcy shows on your credit report is less, so it takes less time to rebuild your credit. You may be able to discharge debts in a Chapter 13 Bankruptcy that would be non-dischargeable under other Chapters, for example, fraud judgments.
This information pertains to Chapter 13 and Chapter 7 consumer bankruptcy. Each state has bankruptcy laws which apply only in that state. The information contained in the preceding is provided for general information purposes and is not a substitute for a legal consultation and it is not intended as legal advice. Every individual's debt and financial situation is different and you should seek independent legal advice regarding you specific situation.
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