Should I Pay My Mortgage After Bankruptcy?

Should I pay my mortgage after bankruptcy? Well, that really depends upon if you want to keep your home IF you do, you're going to have to continue to pay the normal, monthly payment on your bankruptcy

That's true if you're in chapter 7 or if you're in chapter 13 Now, if you're in chapter 7 and the mortgage company has been foreclosing on your home and refusing to accept your payments, after you file bankruptcy, they'll probably resume accepting the payments, but once you added bankruptcy, and that's usually a 90-100-day period, they can resume the foreclosure sale and then refuse to take your payments So, paying the mortgage under those circumstances doesn’t buy you a whole lot If you're in chapter 13 though, and you've been in foreclosure but your you're going to try to keep your home by curing the arrears in chapter 13, which you are allowed to do, then by all means, yes, you must resume making your mortgage payments if the mortgage company has been refusing them to accept them before the bankruptcy This way, you're going to be making two payments during the chapter 13; one to the mortgage company and one to the chapter 13 trustee to help cure the arrears on your home mortgage

This is why chapter 13 can sometimes be a difficult way to try to keep your home, because you're making those two payments for 36 or 60 months depending on your case My name is Ron Drescher I'm an attorney practicing bankruptcy and creditor's rights, and if you have a question about whether you should pay your mortgage after bankruptcy, please pick up the phone and call me I would love to hear from you

Source: Youtube

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