Foreclosure Representation

If you have received a notice of foreclosure on your home by your lender, this may make you feel helpless and uncertain about how you can save your home. Many people who have a home involved in a pending foreclosure are struggling to pay other bills and debt. You may be able to do things to stop the foreclosure, delay the foreclosure, or even give you the time to attempt to refinance the home in a manner that would be affordable to you following a bankruptcy.

One of these actions available to many people seeking to save their home is to file for Chapter 7 or Chapter 13 personal bankruptcy.

How Chapter 7 and Chapter 13 Bankruptcy Can Save Your Home From A Foreclosure 

When a personal Chapter 7 or Chapter 13 is filed, an automatic "stay" is issued to all creditors. This "stay" stops all debt collection actions, debt litigation, and, yes, your foreclosure as well.

While the "stay" in Chapter 7 is only temporary, pending the outcome of the bankruptcy case, the Chapter 7 bankruptcy can help you in a few ways:

     * Give you the ability to have certain debts discharged, enabling you to afford the current mortgage going forward. This

         can put an end to the foreclosure process entirely.
     * Give you time to restructure, refinance, or modify your current mortgage, thus stopping the foreclosure process.
     * Give you time to have the debt discharged, allowing you the time necessary to arrange for new accommodations.
     * Give you time to sell the home before a home foreclosure taking place.

On the other hand, the "stay" in Chapter 13 lasts for the life of the plan, unless relief is granted to the mortgage holder by way of litigation in Bankruptcy Court.  You are protected and keep your home as long as you comply with the plan. The Chapter 13 helps you keep your home by filing a payment plan that:

     * Stopping the foreclosure.
     * Pays the payments that you are behind.
     * Pay any property taxes due on the home.
     * Delaying the time to restart payments.
     * Giving time to modify your loan if necessary.
     * Provides time to sell the home.

While an automatic "stay" is issued to all creditors involved in the bankruptcy, the stay is only temporary. Following the bankruptcy, the home lender will still want their money if the debt has not been discharged and may resume their debt recovery or foreclosure efforts.

If you do not have the money necessary to stop the foreclosure or have not made an agreement with the home lender that will stop the foreclosure process, the foreclosure will occur if the home lender wants it to happen. Even when this happens, you still have options and rights which must be protected.

We are extremely detailed in our preparation regarding bankruptcy and bankruptcy-related legal issues, provide a comprehensive approach in seeking a successful bankruptcy, and guide you through this challenging process with the dignity and respect you deserve.