How can bankruptcy save my house/car?

A Chapter 7 bankruptcy can save your house or car by possibly discharging your other debt so that you are able to focus on making your house or car payments. Then you will not have to worry about making monthly payments to your other creditors. It can also help you to obtain loan modifications to lower your monthly payment for the house or car.

A Chapter 13 bankruptcy can save your house or car by consolidating your debt and creating a payment plan in which your house and car payments will be made before any money is distributed to your creditors. At the end of the plan, your additional unsecured debt will be discharged, and you will no longer be liable for it. A bankruptcy can also help you to obtain loan modifications to lower your monthly payment for the house or car.