One of the most common misconceptions people have about bankruptcy is that by filing, they will never be able own a home again. While bad credit can be a stumbling block to obtaining credit for individuals who have not filed for bankruptcy, credit is not an insurmountable hurdle. The second factor at play in bankruptcy is time. A bankruptcy stays on your credit report for 10 years but 18 to 24 months after a bankruptcy discharge, debtors can qualify for a loan.

No one plans on dramatic financial changes, but they happen. When changes do arise to an individual in Chapter 13 bankruptcy, they might be misled into believing there is no other option than sticking to their schedule of set monthly payments. But they might be surprised to find that Chapter 13 bankruptcy has a great deal of flexibility. Before we discuss options, it is important to note that payments are not something you want to ignore. You must make all of your Chapter 13 payments in full and on time because if you do happen to miss a payment, the trustee in charge of your case may drop or dismiss your case. Were that to happen, the court cannot protect your property from creditors. However, if you decide that you no longer want to make payments on your Chapter 13 bankruptcy, you do have options.