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Need to save your home?

A Washington Chapter 13 bankruptcy might be able to help.

Stop Your Home Foreclosure!

Washington State Chapter 13 bankruptcy law.

Talk to a Seattle Chapter 13 bankruptcy attorney.

Keep Your Home and Stop Foreclosure.

Both Chapter 7 and Chapter 13 Bankruptcy are powerful legal tools to allow you to keep your home, catch up with your mortgage, and/or stop foreclosure sale proceedings.  The following are the most common reasons why people file for bankruptcy to help keep their home:

1.        Filing Chapter 13 Bankruptcy to catch up on your mortgage:  If you have fallen behind on your mortgage payments (first or second mortgage, or both), filing for Chapter 13 Bankruptcy will allow you to catch up on your mortgage arrearage (the amount you are behind on your mortgage) up to a 5 year repayment period.  To successfully save your home in Chapter 13 Bankruptcy, you will have to resume your regular, contractually monthly mortgage payments, as well as make additional payments toward your mortgage arrearage in your Chapter 13 repayment plan.   However, you cannot modify and lower your regular monthly mortgage payment through Chapter 13 Bankruptcy. 

2.       Stop Your Foreclosure Sale Date:   Filing for either Chapter 7 or Chapter 13 Bankruptcy will stop your scheduled foreclosure sale.  If your house has a scheduled foreclosure sale date, filing for Chapter 13 Bankruptcy will stop your foreclosure sale and allow you to catch up on your mortgage to save your home.  Even if you are unable to pay your current monthly mortgage payment, filing for Chapter 7 Bankruptcy will also stop your scheduled foreclosure sale date and give you more time to work with your mortgage company to hopefully modify and lower your monthly mortgage obligation, while at the same time discharge your unsecured debts.

Even if you cannot afford your mortgages any longer and/or intend to vacate your home, filing for Chapter 7 or Chapter 13 bankruptcy will stop your scheduled foreclosure sale date for at least for a month or two, if not much longer, and allow you to live in your home without paying your mortgages until your rescheduled foreclosure sale date, discharge all or substantial portion of your unsecured debt (depending upon Ch. 7 or 13 Bankruptcy), and save money for moving costs and a deposit on your new rental home.

3.       Discharge Your Second Mortgage:  If the appraised value of your home is less than the current balance of your first mortgage so there is no equity whatsoever to pay off any of your second mortgage, the U.S. Bankruptcy Code allows you to file for Chapter 13 Bankruptcy to convert your second mortgage to general unsecured nonpriority debt where it will be discharged at end of the successful completion of your Chapter 13 Plan.  During the Chapter 13 Plan period, you will not have to pay your second mortgage.  Discharging a second mortgage requires the bankruptcy filer to first pay for a professional independent appraisal on their home and then file an adversary complaint against their second mortgage company within their Chapter 13 Bankruptcy case.  This is complicated process that requires the help of an experienced bankruptcy attorney.  Our Seattle bankruptcy attorneys can help you with this process.  

4.   Keep Your Home and Discharge Your Unsecured Debts: You can keep your home with up to $125,000 of equity and discharge all of your unsecured debts by filing for Chapter 7 Bankruptcy, thereby getting rid of unmanageable credit card debts or other unsecured debts to give you the financial breathing room to continue to pay your mortgage(s).  If you do not qualify for Chapter 7 Bankruptcy, filing for Chapter 13 bankruptcy will also you to lower your monthly payments and balances on your unsecured debts to an amount you can reasonable afford so you can also afford to pay your mortgage(s) and keep your home.