Because every situation is unique, it's important that you speak with a qualified and experienced New York bankruptcy attorney like Tom Minotti. If you file a Chapter 7 bankruptcy but have too much equity in your home, you could be at risk of losing the house. In this situation, a Chapter 13 bankruptcy would be better for you.
In a Chapter 13 bankruptcy, you could use the 3 to 5 year repayment period to pay back missed mortgage payments. You might also be eligible for a loss mitigation program that will allow you to apply for a modification of your mortgage.
We are a debt relief firm. We help people file bankruptcy petitions to obtain relief under the bankruptcy code. Prior results do not guarantee a similar outcome.