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Can I Still Walk Away from My Home If I am in a Chapter 13 Bankruptcy? by Jim Brown One of the great benefits of a Chapter 13 bankruptcy is the fact that it can give you protection from foreclosure. However, some people simply no longer want to afford their house regardless and need to walk away. Does a Chapter 13 bankruptcy lock you into your mortgage, preventing you from walking away? Actually, a Chapter 13 bankruptcy may help you if you need to walk away from your home. An experienced and qualified bankruptcy attorney can help you make the necessary decisions. If you choose to give up your home, your bankruptcy lawyer will amend your Chapter 13 payment plan. What happens if the home sells for less that you owe? If you are in a Chapter 13 bankruptcy, the deficiency on your mortgage gets discharged when you complete your payment plan; that is, you will not be responsible for the difference if the selling price is less than what you owe on your mortgage. You will need to continue making your Chapter 13 payments if you still want your fresh start, though. Even though you may no longer be required to pay your mortgage costs, you will be required to make payments for the rest of your debt. If you are thinking about walking away from your mortgage, you should consider hiring the best bankruptcy lawyer you can find. Unlike attempting to walk away from your home on your own, a bankruptcy lawyer has the knowledge, experience, and expertise to help you settle your debt—including your mortgage debt—in the most prudent way possible. Rather than feeling confused and alone, a bankruptcy lawyer is there to provide sound legal guidance through these tough problems and make sure you get the results you want. There are so many advertisements for bankruptcy lawyers everywhere, how will you know the great lawyers from the rest? Not everyone wants the same thing out of a bankruptcy. How can you find the best bankruptcy attorney for your case? The first move to make when trying to find the best bankruptcy lawyer in your area is to read free information and educate yourself on what you are truly looking for in an attorney. Make sure that any attorney you are looking at has actually completed enough bankruptcies to discharge. Additionally, look for an attorney that gives out plenty of free information about bankruptcy law for your education. Remember: most bankruptcy lawyers will talk to you for free the first time. Use that consultation as an opportunity to interview your attorney. When you find the right bankruptcy lawyer, they may be able to help you walk away from your home in a Chapter 13 bankruptcy. Missouri Bankruptcy attorney James Brown has been working to relieve the debt of average, hard-working American families for over 15 years. He has dedicated his career to educating consumers about their options for debt relief and has consequently released 5 publications, including, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." You can find more information by visiting his website at http://www.CastleLaw.net .

 

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