Chapter 13 Bankruptcy Stops Home Foreclosures
Save Your Home by Filing Chapter 13 Bankruptcy
Chapter 13 Bankruptcy Stops Home Foreclosures Immediately
Chapter 13 Bankruptcy offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 bankruptcy offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and can cure delinquent mortgage payments over time.
Key Benefits of a Chapter 13 Bankruptcy
- Automatic Stay – Stops Foreclosure Proceedings Immediately
- Past Due Mortgage – Gets Setup on a Repayment Plan
- Past Due Property Taxes and HOA – Will be included in the Repayment Plan
- Current Mortgage Payments – Must be Paid Monthly
The Automatic Stay is an injunction that’s put into effect after a bankruptcy case has been filed. This order prevents certain creditors from taking any action against you or your property until the court lifts it. This includes foreclosure proceedings which are stopped and not allowed to proceed. The chapter 13 bankruptcy can be filed as late as minutes before the foreclosure sale.
Past Due Mortgage Payments
The total amount owed on your past due mortgage including penalties an interest will be included in your chapter 13 bankruptcy repayment plan. The total amount owed will be divided over the 5-year 60 month repayment period. When the repayment plan is completed you will be completely current on your mortgage payments.
Current Mortgage Payments
An important part of the bankruptcy repayment plan will include the requirement that you pay your current mortgage payments on time. Failure to do pay your current mortgage payments will most likely get your bankruptcy case dismissed by the court. You have to remember that the goal is to use Chapter 13 Bankruptcy Stops Home Foreclosures and get and stay current on your mortgage.
Filing chapter 13 bankruptcies to protect families homes is one of the most satisfying parts of my law practice. There is nothing better then relieving families of the stress of possibly loosing their home. Call today for a Free Consultation?