Filing bankruptcy will, in almost every case, stop foreclosure of your home or other real estate. Exceptions are limited to extremely rare situations where you are not eligible to file, or where the mortgage company has obtained a special kind of relief order in a prior bankruptcy case.
Chapter 13 can often be used effectively not only to stop foreclosure, but to address the debt issues that caused foreclosure in the first place. A chapter 13 plan can allow you to catch up missed mortgage payments, together with fees and expenses related to foreclosure, over a period of up to five years. Plans are often designed to significantly reduce required payments on credit cards, loans, medical bills, and other unsecured debts, while also decreasing effective monthly payments on other secured payments, such as car loans. By controlling non-mortgage debt, income is available to pay future mortgage instalments. The control of repayment of mortgage arrears combined with reduction in payments required for other debt is a powerful tool only available in Chapter 13 bankruptcy.
At Michael D. Hart, PC, we have successfully stopped foreclosure and created a Chapter 13 Plan to allow clients to keep their home for over 90% of clients facing loss of their home.
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Contact Us today to schedule a free initial consultation to discuss how bankruptcy may be used to help you keep your home and prevent foreclosure.