Coldwater, MI Bankruptcy Law Firms & Lawyers

Yes you can rent out your home while in Chapter 13, but everything comes with consequences. You will need to file a new budget, and if you have applied for a loan modification, you may be ineligible since most loan modification programs are only available to help those who live in the property.

IN bankruptcy, ALL Contracts may be affirmed in the bankruptcy. Contracts that  have a negative impact to the estate can be broken and contracts which the State wishes to maintain and be reaffirmed.  I never recommend that people do their own bankruptcy and I highly recommend that you have legal counsel do it for you.  Properly planned and done, the bankruptcy can be financially liberating, however it without a solid claim behind it, I have seen bankruptcy become a treadmill where the bankrupt keeps needing to refile every 2 or 3 years because the first bankruptcy didn't work and once they are on the slippery slope, they can never get themselves right.   I also always recommend wherever possible that one does a chapter 7 bankruptcy and avoid chapter 13 as much as possible.  Again a bankruptcy attorney is the best person to talk to about this.

There is no "best" or "worst" way to go, in general. You need to talk to a bankruptcy attorney who will go over your assets, income and liabilities to figure out what is best FOR YOU.