Getting behind on mortgage loan payments can create a significant amount of stress for a Brownsville resident. The prospect of losing the family home will often cause a homeowner to begin looking for a viable debt relief option. For many people, Chapter 13 bankruptcy provides the needed relief, though it may not be for everyone.
It is true that for many Brownsville residents, filing under Chapter 13 provides the ability to keep their homes. Filers propose a debt repayment plan lasting from three to five years that must be approved by the court. With that approval, the payments begin. Ordinarily, at the end of the repayment period, if all legal requirements are met and all required payments are made, the court issues a discharge for certain remaining unsecured debts, and filers can remain in their homes as long as they continue to make their mortgage loan payments as agreed thereafter.