Better Business Bureau Accredited
Mortgage foreclosures continue to crash down on Americans at an alarming rate. Banks are calling in their mortgage notes and if you fear that you'll lose your home, you're not alone. $330 billion in adjustable rate mortgages have adjusted or will adjust upward in 2006 as the housing bubble came to a dramatic burst. Each year, millions homeowners may face dramatically increased mortgage payments.
If you're like most consumers, you may not know that bankruptcy may be able to help you save your home in the face of a looming foreclosure. Chapter 13 bankruptcy is a very powerful tool if you have fallen behind on your mortgage payments and want to save your home from foreclosure.
Chapter 13 bankruptcy may stop foreclosure. In fact, stopping mortgage foreclosures is the driving force behind many Chapter 13 bankruptcies, and it was designed to stop a mortgage foreclosure proceeding in its tracks. However, the Chapter 13 bankruptcy must be filed before the mortgage company sells your home. The bankruptcy filing gives homeowners the time they need to cure delinquent mortgage payments.
A Chapter 13 bankruptcy plan provides for the repayment of the mortgage arrears and other secured debts from future income rather than from the current sale of your assets. Under Chapter 13 bankruptcy, the payments you make are fixed so that you can meet all your necessary living expenses first and then pay any surplus income to creditors. A consumer bankruptcy attorney can help you structure a repayment plan that works for you and your creditors.
Homeowners must make all mortgage payments that come due during the Chapter 13 bankruptcy repayment plan. Your mortgage company cannot contact you in regard to your pre-filing mortgage arrears while you are in the Chapter 13 bankruptcy. However, if you fail to make your post-filing mortgage payments, the mortgage company can ask the bankruptcy court to lift the protection of the bankruptcy code and resume the foreclosure proceeding. The possibility of refinancing your mortgage after you have gotten back on track with your Chapter 13 plan is realistic for many consumers.
Speak to a Bankruptcy Lawyer TodayChapter 7 bankruptcy is a liquidation bankruptcy. If you are facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure. As opposed to Chapter 13 bankruptcy, Chapter 7 bankruptcy may give you a fresh start, but will not provide you with the opportunity to repay your mortgage arrears over time. Chapter 7 bankruptcy is an option you might consider if you know that you will not be able to keep up your mortgage payments, and simply need some breathing room to make alternate plans and the ability to move forward without a deficiency judgment against you. If you find yourself unable to continue making your mortgage payments due to job loss or other life circumstance, and you want to surrender your home to the mortgage company, Chapter 7 bankruptcy may help to resolve your mortgage debt.
A local bankruptcy attorney can help you decide if Chapter 7 bankruptcy or Chapter 13 bankruptcy is appropriate for your situation.
Speak to a Bankruptcy Lawyer TodayAlthough Chapter 13 bankruptcy can be a manageable, effective way for many people to stop foreclosure and get their mortgage payments back on track, bankruptcy isn't the only way to stop foreclosure. For homeowners with significant equity, who are not more than 90 days past due, there may be other options.
By speaking with a local bankruptcy attorney, you can learn more about your options to stop foreclosure, and whether filing bankruptcy may be the best option for you. Simply fill out the form on this page or call 877-349-1309 to connect with a bankruptcy lawyer in your area today.
The above summary is for informational purposes only and is not legal advice. Speak to a local bankruptcy attorney for more information on your state's laws.
PAID ATTORNEY ADVERTISEMENT: THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Bankruptcy is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Bankruptcy does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The information contained herein is not legal advice. Any information you submit to Total Bankruptcy does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 400, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here, or call 866-200-8052.
FLORIDA ONLY: Total Bankruptcy is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Bankruptcy is a group advertisement and not a lawyer referral service.
If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.