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Chapter 13 Bankruptcy Can Help You Save Your Home
A Chapter 13 bankruptcy has two components that make it ideally suited to saving your home from foreclosure:
- Automatic stay — Foreclosure activity must cease when you file for bankruptcy.
- Repayment plan — The repayment plan can be used to take the missed payments on your mortgage and spread them over the three to five year period of the plan. Successfully completing the plan will leave you current on your mortgage.
Chapter 7 Bankruptcy Can Help you Get out From Underwater
For many people facing the possibility of foreclosure, they may have been in that stressful predicament for some time and may simply want to get out from under the threat of foreclosure by any means. Some of those people have decided to stop fighting for their house and let the bank foreclose.
The problem often is that the home's value is lower than what is owed on the mortgage. If the bank sells the home for less than what you owe, the difference is called a "deficiency." The bank can sue for that deficiency. Chapter 7 bankruptcy can help you eliminate the "deficiency" whether you file before or after the foreclosure sale.
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Fighting Foreclosures
With the collapse of home values several years ago, many people have had to watch as their most major investment became their greatest liability. Before the housing collapse, many people used the ever increasing value of their homes to fund home improvements and other more expensive endeavors.
When home prices started to fall, many people soon owed more than their home was worth. Being "underwater" on your mortgage became the norm in many regions of the country. A plague of foreclosures began soon after.
Our firm has been helping individuals and families gain the full benefit of the bankruptcy code for over 25 years. Our attorneys can explain how Chapter 7 bankruptcy and Chapter 13 bankruptcy can help you stop foreclosure.
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