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Eugene Bankruptcy Blog

Saving your home: Chapter 7 vs. Chapter 13 bankruptcy

Facing the foreclosure of your home can be terrifying. You may feel overwhelmed at the prospect of losing your family home but at a loss for how to challenge the bank or lender from overtaking your house.

Even when the foreclose sale is just days away, you still have options. In some situations, working out an agreement with your mortgage servicer or even filing a lawsuit against the lender may allow you to stay in your home. However, if you find yourself facing insurmountable debt, filing bankruptcy may be the best option to potentially save your home and relieve you of such overwhelming debts.

Should you file Chapter 7 or Chapter 13 bankruptcy?

If your household finances feel out of control, you can use bankruptcy as a trampoline to bounce back from debt. Bankruptcy can stop creditor harassment, threats of foreclosure and can even wipe away your debt entirely. This may significantly reduce your stress and start you on the path to better credit. However, it is not a decision to make lightly.

You can file bankruptcy under one of two categories, Chapter 7 or Chapter 13. One may fit your situation better than another depending on your state. You might be able to keep your home and other assets. Only a financial advisor in Oregon can make the best recommendation for you.

Ways to avoid bankruptcy before it is too late

The word “bankruptcy” brings up a lot of negative emotions for most people, as it carries a heavy stigma, and it can be a long road to getting back on your feet.

While there are many people who choose to file for bankruptcy (nearly 800,000 in 2016), there may be things you can do to avoid filing yourself. This post will look at ways to help you evade a bankruptcy claim, as well as how to rebuild if you realize that you cannot get out of filing.

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Judson M. Carusone, Attorney and Counselor at Law
1445 Williamette Street
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Eugene, OR 97401

Phone: 541-344-7472
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