Q: Hi, My house is in foreclosure. I will be filing Chapter 13 Bankruptcy how will that save my home?
A: The filing of a bankruptcy creates a protective "bubble" of all of your assets and your income from your creditors. Chapter 13, specifically, is a consolidation and pay-back plan. Included in the list, and one of most importance, is paying back mortgage arrears. In most parts of Ohio, your Chapter 13 plan will also have a "conduit" mortgage payment (the actual, ongoing monthly mortgage payment) that you will ALSO pay into your plan that the Chapter 13 Trustee pays for you, too. Make your payments and, eventually, your mortgage arrears AND your current mortgage payment will be made until you are "current."
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