foreclosure | memphis bankruptcy lawyers A bankruptcy can help you keep your home

By: Darrell Castle

A bankruptcy CAN save your house – a Chapter 13 bankruptcy, that is.

There are two chapters in bankruptcy we deal with here at Darrell Castle & Associates – Chapter 7 and Chapter 13. Both chapters come with their own advantages and qualifications.


By filing for a Chapter 7, you can discharge all of your dischargeable debt and not be required to make any payments on it. This process takes a few months to completely process.

By filing for a Chapter 13, you can lump all of your debt into a payment plan. This payment plan, which is a 3-5 year plan, is calculated into an affordable one based on your income and expenses.

A Chapter 7 has the obvious advantages of time and no payments. However, with a Chapter 13, if you’re behind on your mortgage payments (or car payments), then you can keep your property.

So, to answer the original question, you more than likely won’t lose your home if you file for a Chapter 13 bankruptcy. When you do so, you’ll begin making small, affordable payments on your home for 3-5 years. It’s then up to you to make those payments on time, every month, to keep your home and complete your bankruptcy.

Then, once the bankruptcy is complete, you still have your home and have created a fresh start to begin spending the right way. This is a great opportunity to re-establish your credit and begin rebuilding it.

My law firm has access to a great 14-week online course called 7 Steps to a 720. This program is free to our clients and will teach you how to re-establish and rebuild your credit the right way.

Darrell Castle & Associates has received the Client Distinction Award from Martindale-Hubbel for client satisfaction multiple times, so I can assure you that you’re in good hands. You aren’t just a case number here, but a valued client.

Call (901) 327-2100 today, or fill out one of the contact forms on this page, to schedule a free financial consultation with one of our experienced bankruptcy attorneys.