CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Tips for Protecting Your Home in Chapter 13 Bankruptcy

Tips for Protecting Your Home in Chapter 13 Bankruptcy

Protecting a Home in Chapter 13 Bankruptcy

Protecting a home is one of the primary reasons people file for Chapter 13 bankruptcy. After all, if you are going to give up the opportunity to discharge your debts in just a few months versus committing to a repayment plan over several years, you’d need a decent incentive. And being able to continue living in your home – not to mention avoiding a foreclosure – is a pretty big incentive.

The important thing to remember if you move forward with a Chapter 13 plan to avoid losing your home is that your responsibility doesn’t end after you file. Your house is still at risk if you don’t meet all of your obligations.

These tips will help ensure your home is protected in your Chapter 13 bankruptcy.

Educate Yourself

The first thing you need to do when you choose to pursue Chapter 13 and you want to keep your home is to read your Chapter 13 repayment plan and know what’s required of you.

You’ll be making ongoing payments and be required to catch up on missed payments, which are usually built into your Chapter 13 plan. Sometimes post-filing mortgage payments are made to the mortgage company as they always were or they are made to the trustee, so make sure you know where you need to make your payment.

Keep Records of Payments You Make

You want to have detailed records of everything related to your bankruptcy and if you continue paying mortgage payments outside of bankruptcy, you want detailed records of those payments too. A paper trail is one of the best tools you have for protecting yourself. It’s probably a good idea to pay by personal check, too, just so there’s an even more solid paper trail.

If your financial records are disorganized, now is the time to get a system in place and keep up with it so if anything is called into question, you have the paperwork ready to back up your defense. As part of your system, make sure you are reviewing and filing your monthly mortgage statements and dealing with any issues that might arise immediately.

Be Aware of Payment Changes

One of the things you need to watch for is changes to your mortgage payment from month to month. Depending on how you’ve structured things, there might be a small boost in payment due to escrow or insurance. You’ll need to make sure you are paying the right amount every month or you could fall behind again.

For more information about things that can alter your monthly mortgage payments, check out this information from the Consumer Financial Protection Bureau.

Make Sure Property Taxes Get Paid on Time

Mortgage payments aren’t your only obligation as a homeowner. You also need to make sure your annual property taxes remain current. Sometimes this is built into your mortgage payment, but not always. And if you have an arrangement where your mortgage lender cuts you a check at the end of the year, make sure you get that to your local municipality. You also need to make sure insurance is paid on time or the mortgage lender can ask the court to lift the automatic stay against you and move forward with foreclosure efforts.

One final tip: Be sure to deduct the mortgage interest and other tax-deductible expenses you’ve paid to the bankruptcy trustee in your Chapter 13 repayment plan. You won’t get a tax form from the trustee as you do from the mortgage lender, so you’ll need to calculate the deduction on your own or with the help of a deduction calculator.

If you’d like more tips for protecting your home in bankruptcy or you have bankruptcy questions about filing, contact the Bankruptcy Law Office of Robert M. Geller at 813-254-5696 to discuss your situation.

Tampa Bankruptcy Law Blog

Debt Collector Threats: When You Need to Be Concerned

Debt Collector Threats: When You Need to Be Concerned

Have you fallen behind on your debt obligations? Are calls from debt collectors a daily occurrence in your life? You...
Read More
How Fear of Bankruptcy Can Keep You Financially Stuck

How Fear of Bankruptcy Can Keep You Financially Stuck

Eliminating Financial Problems through Bankruptcy can be a Path to a Brighter Future Bankruptcy is one of the most useful...
Read More
How to Deal with Credit Report Errors After Filing for Bankruptcy

How to Deal with Credit Report Errors After Filing for Bankruptcy

Credit Report Errors After Bankruptcy You’ve reached the end of the bankruptcy process, your debts have been discharged, and you’re...
Read More
Three Times Bankruptcy could be a Must

Three Times Bankruptcy could be a Must

Filing Bankruptcy is Necessary under some Circumstances Financial trouble is one of the worst stressors you can face in life....
Read More
Why Debt Settlement Doesn’t Work

Why Debt Settlement Doesn’t Work

What is Debt Settlement? Debt settlement can seem like a very appealing option when you are struggling to meet your...
Read More

Tips for Choosing between Chapter 7 and Chapter 13

Chapter 7 or Chapter 13 - What's better for your situation Chapter 7 and Chapter 13 bankruptcy are quite different....
Read More

Automatic Stay and Bankruptcy: What it Will and Won’t Do

Bankruptcy Automatic Stay The automatic stay is what pushes many people into filing for bankruptcy. They might be headed in...
Read More
Tips for Protecting Your Home in Chapter 13 Bankruptcy

Tips for Protecting Your Home in Chapter 13 Bankruptcy

Protecting a Home in Chapter 13 Bankruptcy Protecting a home is one of the primary reasons people file for Chapter...
Read More
Is It OK to Schedule a Yard Sale before Filing for Bankruptcy: How Selling Your Stuff Can Get You into Trouble

Is It OK to Schedule a Yard Sale before Filing for Bankruptcy: How Selling Your Stuff Can Get You into Trouble

Transferring or selling assets before bankruptcy There are plenty of ways someone dealing with financial problems can make money and...
Read More

Why Might Chapter 13 Be Unsuccessful?

Chapter 13 Bankruptcy Failures Filing for bankruptcy can be one of the smartest decisions you ever make and bring massive...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay OnlineBankruptcy Courses

comodoavvo1avvo2avvo3LEA

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Bankruptcy Lawyers Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.