My husband and I live in PA, we are joint owners of our home. Forclosure has begun. What benefit if any will claiming bankruptcy - either Chapter 7 or 13 - have for us. We have a significan amount of other debt that already qualifies us for claiming bankruptcy, we just haven't had the funds to do it. But if it means it would save our home, we would find a way to pay for the bankruptcy. My husband is permanently disabled and I have applied for permenantly disability and am currently on long term disability from my employer. I don't know if that has any relevance. Thank you.
2 Answers from Attorneys
My husband and I live in PA Chapter 13 can allow you to pay back the arrears over a 3-5 year period and reinstate your mortgage by order.
Chapter 7 will not help you with the mortgage at all. Only Chapter 13 will allow you 5 years to repay the arrears. But you need to be able to resume making monthly mortgage payments and a plan payment for the arrears. If you cannot do that, Chapter 7 may at least eliminate your unsecured debt.
I have handled cases in the Lehigh County and would be happy to speak with you on a free initial basis by phone or in person.
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