My house is in foreclosure. Can a Chapter 13 bankruptcy filing help save my house?
Possibly. If your house is in foreclosure, that probably means you have a substantial arrearage on the mortgage. Most debtors are unable to pay an accrued arrearage immediately (unless the property can be refinanced) and mortgage holders are reticent to cancel foreclosure proceedings unless the entire arrearage has been paid. Thus, unless something is done, the debtor is often in a situation where the house will be foreclosed upon. Chapter 13 allows the debtor to stop the foreclosure (it cannot proceed because of the automatic stay) and pay the arrearage over time.
