Q: I have been refused a modification because I am unemployed. Can a Bankrkuptcy save my home?
A: For a person there are two types of Bky cases. A Chapter 7, in which all secured debt (i.e. mortgage and car payments) must be current, or you be willing to surrender the property. The other is a Chapter 13, in which if you are behind on your mortgage or car payments, you can make up the arrearage over a perior of up to five (5) years. However, with the 13, you must have a regular income, or someone who can pay.
A: The bankruptcy will save your home . . . temporarily. Filing bankruptcy will suspend collection activity temporarily, but the creditor can file a motion in the bankruptcy court to resume the foreclosure. If you do not have any income, you won't be able to make the mortgage payment. If you can't make the payment, the bank will eventually get the house back.
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