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Can Chapter 13 bankruptcy help save the home?

As the bills continue to mount, fear creeps in. The Kentucky family begins to worry about the possibility of losing their home. Will they be able to make the mortgage payment? If they file for bankruptcy, will they be able to keep their home? For many, Chapter 13 bankruptcy is the answer to these questions.

Sometimes, life changes cause a change in one's financial situation. When the home was purchased, or renovations were made, the financial situation was stable. However, over the course of time, job changes or layoffs happened, and the financial picture abruptly changed. Looking ahead to better times, many believe that the financial situation will soon change; therefore, they go ahead and continue on with little change to their present lifestyle. This can cause debt to quickly add up.

One family who enjoyed the benefit of a television remodeling show upgrading their home experienced a series of life changing events that could have put their home in jeopardy. After the home was remodeled, utility bills and property taxes increased significantly; however, the family was still able to afford these increases. Then the husband retired from the military and sought disability benefits. During the year-long period it took him to find employment, the family's bill began to pile up. They became concerned about the possibility of losing their home and filed for Chapter 13 bankruptcy in order to reorganize their debts and save their home.

Many Kentucky residents find themselves facing financial difficulties at one time or another. When these difficulties become too much, it may be time to consider Chapter 13 bankruptcy. Experienced legal counsel can help in deciding if this is the best option.

Source: islandpacket.com, "Lowcountry 'Extreme Makeover: Home Edition' family sees blessing in bankruptcy", Wade Livingstonwlivingston, Jan. 11, 2017

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