Recent hotel industry association figures released the other day indicate a 17.5 percent drop in revenue per available room. It is very hard to believe the reports of a rebound when you see such numbers. Frankly there are no credible signs of a rebound.
 
Until Congress comes up with a real fix for the mortgage crisis and passes the mortgaga nodification bill, things will just get worse. Right now all they seem to do is to throw money at failed businesses.
 
Since there is no immediate relief in sight for the economy, bankruptcy filings will continue to rise. Those who still have jobs but are susceptible to layoffs may want to make plans for what they would do if they lose their jobs.

It seems that often Chapter 13 gets a bad rap.   I disagree I think it is a good chapter.  Here are some good reasons to file Chapter 13, other than stopping foreclosures and repossessions:

-You keep all your property even if it is non-exempt.
-You can get another Chapter 13 discharge in two years!
-You can get another Chapter 7 discharge in six years or less sometimes!
-You have an absolute to dismissal if you want out.
-It can sometimes be less than 3 years, e.g. 6 months!
-Get divorce decree debt discharged.
-Get civil fines and penalties, including motor vehicle surcharges and toll fines discharged.
-Get divorce decree debts discharged.

These are many good reasons to file Chapter 13.  Also, if you fail the means test filing 13 is not necessarily so bad, because sometimes claims of creditors can be struck and you can finish in 6 to 9 months.  If you are current on your mortgage and car loans there are a lot of things you can do in Chapter 13.

One of the best things is that if you run into new financial problems you can file again and get a discharge of your new debts only two years after the first Chapter 13 filing.  Even better if you had a Chapter 13 that lasted less than 3 years because most of the claims were struck, then you can file Chapter 7 and get a discharge right away!

The benefits of Chapter 13 are a little complicated to explain in general because it varies a lot depending on your circumstances, but they are many.  You should definitely consider Chapter 13 if any of the above reasons appeal to you.

In Chapter 13 you have the right to cure defaults in a mortgage up to the foreclosure sale. On some states you may be able to use Chapter 13 to redeem if there is a redemption period after the sale, but most of the time prior to the sale is the last chance.
 
If you file before the sale and you qualify for an automatic stay then that will stop the sale. In some cases there may also be a codetor stay if the other signer does not file. You can then cure over a five year period out of your future earnings.