Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
If you are facing financial difficulty, follow these steps to starting a chapter 13 bankruptcy. Filing bankruptcy can be an emotional process but following these steps will help ease the process.
Step 1. Create a Budget
Chapter 13 bankruptcy is a repayment plan where your income will be used to repay most or all of your debt. Having a budget will determine your repayment plan and whether or not you qualify for bankruptcy. Your budget should include all your income and debts.
Step 2. Hire an Attorney
A bankruptcy attorney can advise you on the process, help complete the necessary paperwork and work with the courts on establishing your repayment plan. Your attorney will also help you with the legal requirements during the process.
Step 3. Attend Credit Counseling
Everyone filing bankruptcy must attend a mandatory credit counseling course. The court can provide you with a list of approved agencies that provide training. You may select any one of these to attend.
Step 4. File Bankruptcy
Your attorney will take your paperwork and will submit the filing for you. The actual filing starts the bankruptcy process. The court will review your paperwork and assign you a court date to discuss your repayment plan.
- Should You Refinance? Make Sure the Timing is Right
- Alternatives to Getting a 2nd Mortgage
- What To Do When Mortgages Default
- Appraisal Basics
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Second Mortgages: Advantages and Disadvantages
- What Lenders Don't Reveal About Home Equity Loans
- Short Selling a Rental Property
- 3 Common Short Sale Mistakes