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How does Chapter 13 bankruptcy affect your car and house?

Going into bankruptcy can be scary, especially with tales of car repossession or being harassed nonstop by creditors over the potential foreclosure of your home. We here at Ammerman & Goldberg understand that you wish to protect your biggest assets, and we are here to help you do that.

Car repossession is one of the top concerns many people have when filing for bankruptcy, and it may be one of yours as well. Fortunately, Chapter 13 bankruptcy will make it so your car cannot be repossessed for the duration of the bankruptcy period. This is because the debt consolidation for this particular filing includes any car payments. Future and back payments are made to the trustee.

Another major concern is the possibility of your home being foreclosed. Chapter 13 also takes care of this problem. For the duration of the bankruptcy period, mortgage companies cannot legally attempt to pursue you. They can’t foreclose, and they can’t try to collect any of your past dues until your bankruptcy period has come to an end. They also can’t harass you in any way, be it in person, over the phone, or through email. During this time, you will be able to work off of a payment plan that will allow you to dig yourself out of debt and distance yourself from the threat of foreclosure.

To read more about repossession and foreclosure in relation to bankruptcy, you can visit our web page. You will be able to determine what your personal risks are, the time limit that you have to work with, and other factors that may help you decide which bankruptcy type will work best for you.

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