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Using Bankruptcy To Stop Foreclosure
If you have fallen behind on your mortgage payments or you think you may miss a payment in the future, you may be worried about facing foreclosure. With property values dropping and one of the highest unemployment rates in history, foreclosure is a problem that you should take seriously. There are many different solutions for stopping foreclosure and one that is worth considering is filing for bankruptcy.
Use our evaluation form on the left of this page, it's 100% free and there is no obligation, so if you want to learn more about your bankruptcy options, contact us today.
Chapter 13 bankruptcy may be the answer if you are looking to keep your home after stopping foreclosure. Chapter 13 bankruptcy gives financially troubled homeowners a chance to catch up on late mortgage payments. This is done with a new payment plan that Chapter 13 allows the debtor.
Under a Chapter 13, the filer is placed on a repayment plan that is designed by the debtor and the bankruptcy attorney, but is approved by the court. You will be repaying some or all of the debts in your name and usually with a lower interest rate. Once the court approves the bankruptcy repayment plan, the debtor will then make one lower monthly payment to the court for past due and current debts.
Under Chapter 13 the debtor can keep any property that they are making payments on; including homes and cars. The typical Chapter 13 repayment plan can last between 3 to 5 years, depending on how large the debt to be paid off is. Because of this, Chapter 13 is the best option for someone who is considering filing bankruptcy and wants to keep their home.
As soon as a person files Chapter 13 they will be given an automatic stay, which means no more harassing phone calls or letters from creditors. Also if your home is scheduled for a foreclosure sale, it must be postponed while you await the bankruptcy proceedings.
Understanding your options when it comes to foreclosure can mean the difference between saving your home and losing your home.
"A Chapter 13 bankruptcy can help you establish a more affordable repayment plan when you are facing foreclosure." If you're not interested in keeping your home, filing for a Chapter 7 may help buy the time needed to find a new place to live or it could give you several months to live in your home without making payments and without harassing phone calls. Depending on the stage of your foreclosure, filing for Chapter 7 can give you an extra 2 or 3 months before your house will go to the foreclosure auction.
Both Chapter 7 and Chapter 13 are possible options for slowing and/or avoiding foreclosure. Choosing the right one will come down to your finances and how long your economic hardship is going to last. By using the form on the left of this page, you can get a free consultation and determine which option is best for you.
Filing for bankruptcy doesn't have to be scary, just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
