A Chapter 7 bankruptcy involves the surrender of your non-exempt property in exchange for the cancellation of most of your debts. In many consumer cases, all of the debtor’s property can be claimed as exempt. This means that, if all your property is exempt, then a Chapter 7 bankruptcy may allow you to cancel most of your debts without losing any of your property.

Debt Reorganization
A Chapter 13 bankruptcy allows you to repay your debts over time and keep certain non-exempt property that might have been surrendered in a Chapter 7 case. In addition to retaining your non-exempt property, Chapter 13 may allow you to repay certain debts under more favorable terms, stop a foreclosure or repossession, and cure a pre-petition default.

Trying to save your home from foreclosure can be a daunting task. While bankruptcy is one option that should be considered, there are other legal defenses that may help you keep your home. Both federal and state law provide possible grounds to challenge a foreclosure.

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