Stopping a Foreclosure in Bankruptcy
A Chapter 13 bankruptcy can stop a foreclosure in its tracks and provide you the relief from continuing foreclosure and collection activity by your creditor. Our office can assist in providing this relief, so call now to have our Chapter 13 bankruptcy expert walk you through the process in a fast and efficient manner.
Receiving a notice of foreclosure can be an intimidating event. Once the foreclosure proceedings have begun, absent a legal deficiency, the likelihood is that your mortgage company is going to be less than willing to simply allow you to catch up unless you pay in full. If you are in a foreclosure and do not have all of the funds required to catch up on your mortgage payments, a Chapter 13 bankruptcy could be the solution that allows you to force a creditor to enter into a repayment plan on the deficiency. The first step is to give our office a call and request a FREE consultation with one of our attorneys to figure out what your options are.
The moment you file your Chapter 13 bankruptcy with our office, we contact the entity overseeing your foreclosure to halt it immediately. A Chapter 13 bankruptcy is a payment plan that allows you to pay your debts over a period of three to five years. As a part of this repayment plan, you can pay the deficiency on your mortgage. You begin making payments on the arrearage within one month after you file your Chapter 13 bankruptcy. You also begin making your regular monthly payments on your mortgage beginning the first date your payment is due after filing.
Although you can receive some immediate relief soon after you file your petition, you will want to speak with an attorney immediately so your attorney has time to prepare your petition prior to the filing. Preparing a bankruptcy petition accurately can be a time-intensive prospect. Delaying speaking with an attorney delays your relief, and potentially halts your relief in its tracks.
Once your chapter 13 bankruptcy has been filed and you have begun making payments towards your Chapter 13 plan and your regular monthly mortgage payments, it is simply your responsibility to continue making those payments through the life of the plan (among other things). Your mortgage company is prevented from foreclosing against the home during the bankruptcy. Once your plan has completed, and the entire mortgage arrearage has been paid in full, you will continue your obligations under the mortgage agreement.
So, come in and speak with our Chapter 13 bankruptcy attorney to discuss the best option in your unique situation. Foreclosure and bankruptcy can be complex and intricate, and you do not want to find yourself without proper representation. When you retain our attorney, we represent you from the beginning to the end of that process. We offer free consultations, and by the end you will have a solid road map regarding what options you have and which may be the best for you.
Questions about bankruptcy? Schedule a consultation so I can help you learn more.