Bankruptcy stops foreclosure instantly. From the moment a bankruptcy is filed by our bankruptcy lawyers, any attempt to collect a debt or other court proceeding, including foreclosure, is stopped by the bankruptcy court. By developing a repayment plan, our bankruptcy attorneys can successfully restructure payment of your late mortgage payments (called mortgage arrears).
In a chapter 13 bankruptcy, a debtor is able to repay missed mortgage payments to the mortgage lender over a course of three to five years. By spreading the back mortgage payments out in a chapter 13 plan, homeowners can save their homes from foreclosure while protecting their hard earned equity in the house.
If you are facing foreclosure, time is of the essence. It is extremely important that you speak with one of our expert bankruptcy lawyers as soon as possible. The new bankruptcy law has certain provisions built into the law that are designed to delay an honest debtor from filing. Homeowners trying to save their homes from foreclosure must act quickly to minimize the harsh provisions of the new bankruptcy law.