Will I lose my house if I file Chapter 13 bankruptcy in Charlotte, North Carolina?

Filing for Chapter 13 bankruptcy in Charlotte, NC, does not necessarily mean that you will lose your house. In fact, Chapter 13 bankruptcy can often help you keep your home by providing a structured repayment plan that allows you to catch up on past-due mortgage payments over a period of three to five years.

When you file for Chapter 13 bankruptcy, an automatic stay goes into effect, which temporarily stops foreclosure proceedings and other collection actions by your creditors. You can then work with your bankruptcy attorney to create a repayment plan that includes your regular mortgage payments as well as any past-due payments that you owe. Your repayment plan will be based on your disposable income, which is your income after you have paid for your necessary living expenses.

As long as you make all of your payments on time and according to the terms of your repayment plan, you can keep your home and avoid foreclosure. However, if you are unable to make your payments or if you fail to comply with the terms of your repayment plan, your mortgage lender may be able to resume foreclosure proceedings.

It is important to note that there are certain requirements that must be met to qualify for Chapter 13 bankruptcy, including having a regular income and having unsecured debts of less than $419,275 and secured debts of less than $1,257,850. Additionally, if you have significant equity in your home, you may be required to pay back more of your debt through your repayment plan.

If you are considering filing for Chapter 13 bankruptcy and want to keep your home, it is highly recommended that you consult with a qualified bankruptcy attorney to explore your options and determine the best course of action for your situation. It is important to work with a qualified bankruptcy attorney who can help you. If you are interested in filing bankruptcy please contact Hishaw Law LLC at 1.307.228.0407 if your located within the state of Wyoming or 1.704.218.9883 if you live in the Charlotte, North Carolina area or email us at jhishaw@hishawlaw.com.

“I didn’t know a thing about bankruptcy, I needed to get back on my feet and unfortunately I couldn’t do it by myself. This is where Hishaw Law comes in, she was a Godsend. She walked me through every detail of what I needed to have and what I needed to do to get my bankruptcy started. Any time I had a question, concern, freak out, she was there to help me through it. I never had any doubt that she was doing her job and doing it very well. I would highly recommend Attorney Hishaw for your attorney needs.”

-Kendra, Bankruptcy Client 2018

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