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For people who want to use a chapter 13 bankruptcy to keep their house long term how does it work?

April 26, 2017Bankruptcy Chapter 13 House people term

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For people who want to use a chapter 13 bankruptcy to keep their house long term how does it work?

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A. Imagine a chapter 13 as a machine with multiple moving parts. First a chapter 13 provides for an Automatic stay to prevent legal action, like a foreclosure, from proceeding against the debtor, and then the debtor provides a plan to reorganize their finances and pay back the creditors.