Most people value their homes as their most important possession. People are emotionally attached to their homes and the various memories in their lives in their house. It is very frustrating to think that they are going to lose their home. If it happens to you, it is a big psychological blow that feels like losing a part of your life.
Here is a link of a study that shows that some people end up their lives as they can’t handle their financial and emotional burden:
Studies have shown that there are multiple suicides that can be attributed to foreclosures. People feel an absolute loss of control and wonder where to go afterwards, where you can put your stuff, where you can relocate, how you can start over again, and all the credit reports that last for seven years leaves you no choice but to hope that some lenders will give you a chance to be trusted again.
Some people cannot cope up with the tension that builds up within them and the stress that pairs with it.
If you value your house and your possessions, never let this happen by going through plans to keep your house, car, and other properties. One solution would be to file for a Chapter 13 bankruptcy as this type of bankruptcy allows you to keep your most valuable possessions such as your real estate.
With Chapter 13 bankruptcy, the debtor files some documents and gets a lawyer to help him or her out in the procedures that need to be done to avail of the benefits of applying this type of bankruptcy.
When you get an approval, you can keep your home, cars and other properties in exchange for a repayment plan that you should religiously keep and comply. You can keep all that you have as long as you can diligently pay your dues which consist of the mortgages and other debts that you owe.
If your house is going to be foreclosed or evicted due to non-payment, Chapter 13 bankruptcy can help you. One of the advantages of Chapter 13 bankruptcy is that it lets you keep all that you have.
Filers sort out their debts and produce a repayment plan to pay their debts in five years time. During this time, you are protected from the fears of foreclosures and repossessions. After the five year plan, there is a chance that your debts may be discharged on your properties even if they are tied to debts as collateral. There is little risk to lose your properties if you file for Chapter 13 bankruptcy.
Aside from that, filing for a bankruptcy sets you on a good start. You can keep your personal property up to $4,000 worth. You can surely keep your clothes, burial plot, and all other things that your lawyer will inform you about. You can keep your most valued possessions if you file for a Chapter 13 bankruptcy.
D.A Bankruptcy Attorney At Law 203A, 100-15 Queens Blvd, Queens, NY 11375 (347) 698-8688