Will I Lose My House if I File Chapter 13?

Are you facing financial difficulties and considering filing for Chapter 13 bankruptcy? “Will I lose my house if I file Chapter 13?” The fear of losing your house can be daunting, but it’s essential to understand your options and what steps you can take to protect your home during this challenging time. In this comprehensive guide, we’ll delve deeper into the intricacies of Chapter 13 bankruptcy, address common concerns, and explore how working with a “we buy houses” company like The Property Guys can offer a viable solution to your housing woes.

Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as reorganization bankruptcy, offers individuals with a regular income the opportunity to create a manageable repayment plan to settle their debts over a specified period, typically three to five years. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off creditors, Chapter 13 enables you to keep your property while restructuring your debts and making manageable payments based on your income and expenses.

Will You Lose Your House?

The prospect of losing your home is understandably a significant concern when considering bankruptcy. However, the answer to whether you’ll lose your house largely depends on various factors, including the equity you have in your home and your ability to maintain mortgage payments.

Equity and Chapter 13 Bankruptcy

Equity refers to the difference between the current market value of your home and the outstanding balance on your mortgage. In Chapter 13 bankruptcy, you can keep your house as long as you continue making mortgage payments and adhere to the terms of your court-approved repayment plan. The equity you have in your home may also influence the terms of your repayment plan, but it doesn’t necessarily mean you’ll lose your house.

How The Property Guys Can Help

If you’re struggling to keep up with mortgage payments and facing foreclosure, The Property Guys offer a lifeline with their unique approach to buying houses. Here’s how we can assist:

As-Is Purchase

One of the most significant advantages of selling your house to The Property Guys is that we buy houses in any condition. Whether your home needs minor cosmetic updates or significant structural repairs, we’ll take it off your hands without any hassle. You don’t have to worry about investing time and money into costly renovations or repairs before selling.

Quick Settlement

In dire situations where time is of the essence, we understand the urgency. That’s why we can settle on a house in as little as seven days, providing you with a fast and efficient solution to your housing woes. Whether you’re facing imminent foreclosure or need to sell quickly due to relocation or financial difficulties, we’re here to expedite the process and alleviate stress.

No Contingencies

Forget about home inspection contingencies, appraisal contingencies, or finance contingencies. With The Property Guys, you can sell your house without jumping through hoops or waiting for lengthy approval processes. We streamline the selling process and offer straightforward transactions, allowing you to move forward with confidence and peace of mind.

Flexible Terms

Worried about leaving behind items during the sale? Don’t be. With The Property Guys, sellers have the freedom to take what they want and leave what they don’t. Whether it’s furniture, appliances, or sentimental belongings, you can prioritize what matters most to you and leave the rest behind. We understand that moving can be a stressful process, and our flexible terms aim to make the transition as smooth and hassle-free as possible.

Frequently Asked Questions

Will I Lose My Car if I File Chapter 13?

While Chapter 13 bankruptcy primarily focuses on restructuring debt and protecting assets like your home, the fate of your car depends on various factors, including its value and your ability to maintain payments. In many cases, you can retain ownership of your car as long as you continue making payments as outlined in your repayment plan.

Can You File Chapter 7 and Keep Your House and Car?

Chapter 7 bankruptcy involves liquidating assets to repay creditors, making it more challenging to retain your house and car. However, certain exemptions may allow you to keep essential assets, depending on your state’s laws and the value of your assets relative to the available exemptions.

How Long Can I Stay in My Home After Filing Chapter 13 or Chapter 7?

In both Chapter 13 and Chapter 7 bankruptcy, you can remain in your home as long as you continue making mortgage payments and adhere to the terms of your repayment plan or meet the requirements outlined in the bankruptcy process. Your ability to stay in your home may also depend on the specifics of your situation and any agreements made with creditors or the bankruptcy court.


Filing for Chapter 13 bankruptcy doesn’t necessarily mean losing your house. By understanding your options and seeking assistance from professionals like The Property Guys, you can navigate through financial challenges while safeguarding your most valuable assets. Don’t let fear hold you back from exploring viable solutions. Contact The Property Guys today at 703-679-8238 or visit our website at thepropertyguysdc.com to learn more about how we can help you secure a brighter financial future. Take the first step towards a fresh start and regain control of your financial well-being with confidence and peace of mind.

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