Consultations are available over video, in person and also over the phone the same day.
Skip to content

Keeping your Roof with $0 Down in Chapter 13

Published December 15, 2023 by Sasser Law Firm
Keeping your Roof with $0 Down in Chapter 13

If you’re a homeowner facing financial turbulence, you’re not alone. Life can toss us into rough seas, but there’s a possible lifeline – Chapter 13 bankruptcy. What do you do if you need to take action but have zero money to put down? Let’s dive into what it means for your home.

Home Preservation in Chapter 13: What You Need to Know

Imagine this: you’re sailing through life’s calm waters, but suddenly, a financial storm arises. Foreclosure lurks like a looming wave. It’s a nerve-wracking prospect. Sasser Law Firm may be able to help with a Chapter 13 filing.

Chapter 13 bankruptcy allows you to spread missed mortgage payments over three to five years. It’s a reset button for your finances, providing a fresh start without the upfront costs.

Is the concept of $0 money down merely a gimmick or a choice available to only a select few? Absolutely not. Here at Sasser Law Firm, we understand that individuals facing the challenge of maintaining their homes would not be in this situation if they had the financial means to prevent it. If you have the financial capacity to settle your mortgage arrears, we encourage you to do so. If the lender will modify the loan, that is also an option. When those options are unavailable, a Chapter 13 case is something to consider. It allows you time to address arrears, and it also allows for the restructuring and sometimes discounting of other obligations such as credit cards, vehicle loans, etc. The discount amount for general unsecured debt typically depends on your non-exempt assets and disposable income. It is natural to have many questions when considering bankruptcy, and our attorneys are happy to discuss this with you at a free consultation. Check out our FAQ for quick general answers and to help you consider the questions you don’t yet know to ask.

Does $0 down really mean ZERO money down for Chapter 13?

Yes! Our consultations are always free, and if you file Chapter 13, your filing fees, counseling fees, and attorney fees are all wrapped up in your trustee payment plan. Your first trustee payment is due at the beginning of the following month. As you make these payments, Sasser Law Firm gradually gets paid. It’s that simple.

All Chapter 7 fees are required at the signing. There are many benefits to Chapter 7 to consider if you qualify, but zero money down is not one of them. There is an option that may be available to you if you qualify for Chapter 7 but don’t have the filing fees. You can start in Chapter 13, and then when you do have the fees, or we have been paid through your plan the amount of the Chapter 7 fee, you can convert your case from Chapter 13 to Chapter 7 in the future if that is appropriate.

Staying on Track Until you Reach the Finish Line

Financial curveballs can still come your way during a plan lasting 3-5 years. Plan modifications are possible depending on the facts and court approval. This can include changing the payment amount or the plan duration. That said, the most critical aspect of a Chapter 13 case is that plan payments are made. These websites are the payment options for the Eastern North Carolina Trustees: Trustee Bledsoe or Trustee Burnett.

Upon completion of the plan, the debtor receives a discharge. Your discharge will improve your legal situation regarding discharged debts, and your credit may improve. Most notably, in a case involving mortgage arrears, your mortgage is up to date, and you’ve managed to keep your home.

In conclusion, when financial storms threaten your home, Chapter 13 bankruptcy can be your lifesaver. It’s a way to pause foreclosure, spread out missed payments, and protect your home. Sasser Law Firm specializes in guiding you through these turbulent waters. Remember, your home is more than walls; it’s where life happens. With the proper knowledge and professional support, retain your home.

Life preserver in rough water

Perhaps we can help!

At the Sasser Law Firm, we understand that filing for bankruptcy can present both logistical and emotional challenges. For over 20 years, our board-certified bankruptcy specialist attorneys have helped North Carolinians find their way back to financial health. Our compassionate and skilled lawyers take on challenging and time-sensitive cases. Contact us today for a free consultation over the phone, in person, or over video.  Our phone number is 919- 319-7400.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Associations & Awards

  • Business North Carolina 2022 badge
  • Attorney at Law Magazine, Local Authority Award
  • 2019 Business North Carolina Legal Elite Badge
  • super lawyers logo
  • expertise logo
  • North Carolina Bar Association | Sasser Law Firm
  • Martindale-Hubbell award for high professional achievement at Sasser Law Firm
  • NC Bar Association Legal Specialization | Sasser Law Firm
  • Top Bankruptcy Attorney | Sasser Law Firm
  • American Bankruptcy Institute | Sasser Law Firm
  • National Association of Consumer Bankruptcy Attorneys | Sasser Law Firm
  • American Board of Certification | Sasser Law Firm
Free Consultation (919) 319-7400

Visit our cary office today

Cary, NC Office