Chapter 13 Bankruptcy – Petition To Keep Family Home, Vehicles, Household Goods
Once loan modification or note workout fails, and the homeowner wants to keep the family home, another alternative is to file a Chapter 13 bankruptcy petition to avoid foreclosure. Indeed, foreclosure is reportedly soaring; and the filing of a Chapter 13 bankruptcy petition results in automatic stay of: (1) any action against the debtor or the debtor’s property to collect sums owed to creditors, (2) any enforcement of judgment against the debtor, and (3) repossession or foreclosure on any property of the debtor.
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