Arrears: something overdue in payment; a debt that remains unpaid
Mortgage arrears are over due payments, interest and fees. It is the amount that you need to pay to
catch your payment up so your mortgage is current. Missed payments.
NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13
You can't file bankruptcy and get a free house or car.
If you are behind on house or car payments, either
Chapter 7, 11, 12 or 13 bankruptcy can stop a foreclosure or repossesion but you will have to figure out a way to catch
up payments or pay the loan if you want to keep the property long term.
In Chapter 7, you may have to solve your
problem relatively quickly or the creditor will get permission from the judge to resume the foreclosure or repossession.
You can use reorganization (usually Chapter 13 bankruptcy) to give you up to five years to catch up payment so
you can afford to catch up. Chapter 13 can also write down / write off other loans like credit cards, pay day
loans, medical bills and such, which can often free up enough money from your monthly pay to allow you to afford to pay for
the house and car, and carch up the arrears, or past due payments.