Description: | When you file Chapter 13 bankruptcy, you figure out a deal along with your creditors to pay them back over a duration of time. You have a couple of alternatives with regards to your home. You can sell it or come up with a program to pay back any overdue balance over 5 years. Sometimes, a debtor may possibly only have to repay 5 percent of any delinquent home loan credit and monthly payments card amounts. As soon as the bankruptcy court approves the repayment schedule, and given that the debtors make the agreed monthly payments in a timely manner, their residence can not be seized by lenders. |