Filing a Chapter 13 bankruptcy plan stops foreclosure on your home and forces you lender to give you a chance to make up back payments. These back payments are calculated into your Chapter 13 plan and given a higher priority than credit card debt payments. The end result is that you could save your home AND reduce your debt considerably for an affordable monthly payment going forward. A Chapter 13 bankruptcy is better for your long-term credit score and a foreclosure AND you get to keep your home!
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