I may have to consider chapter 13 bankruptcy. The problem is, I may want to sell my apartment within the next 7 years. I have no mortgage. I know that after selling a property they take a portion of the sale.
MY QUESTION IS: Do they make you pay the initial amount due to the creditors or the amount determined by the court after filing for chapter 13?
the property is also worth at least 200,000. So how can i avoid the risk of losing my home?
Suggestion: If you qualify just file for Chapter 7. When creditors and banks look at your credit report the work Bankruptcy is the same to them wheither it is chapter 7 or 13… Once you are ready to sell, no one will come chasing you for a portion of the sale of your home. Chapter 7 will not take your home, IRA or 401k, etc.
Good Luck and Best Wishes!!
