Each state's bankruptcy laws are designed to halt foreclosure in its tracks.
If your home is at risk of foreclosure, no matter what stage, you may be able to get the breathing room you need to create a manageable plan to keep your home.
Foreclosure laws are different in each state. A local bankruptcy attorney can help you determine if now is the right time to file bankruptcy. Use the form below to connect with a lawyer near you for a free case evaluation.
With the struggling economy, nationwide job layoffs and disintegrated retirement and pension plans, the future may appear frightening for some homeowners.
How might bankruptcy could help you? Ask yourself these questions:
If you answered "yes" to any of these questions, Chapter 13 bankruptcy may save your home from foreclosure and get your finances back on track.
Chapter 13 bankruptcy laws are designed to save homes from foreclosure.
Under Chapter 13, a filer is placed on a realistic repayment plan to straighten out their debts. During this repayment period, the filer can keep his or her hard-earned assets.
Debtors who file this type of bankruptcy are typically allowed to keep all of their property.
In Chapter 13 bankruptcy, the bankruptcy court works with the debtor and his or her bankruptcy lawyer to establish a realistic, interest-free repayment plan.
The plan details when the payments will occur and the duration of repayment. Typically, a debtor is given between three and five years to repay his or her debts.
Both the debtor and the creditors must strictly adhere to the repayment plan.
Generally, as long as the debtor make payments on time, he or she can keep their secured property (like a home or car).
In addition, under Chapter 13 bankruptcy, creditors are prohibited from contacting the debtor with collection calls and letters. Many filers find this to be a big relief.
Every years, thousands of homes are saved from foreclosure action because of Chapter 13 bankruptcy protection.
There are many reasons why people find themselves facing foreclosure, which include:
Foreclosure affects people of all different income levels - no one is automatically immune from financial crisis. Even some of the richest celebrities have filed bankruptcy to save their homes.
If you're considering taking action and filing Chapter 13 bankruptcy, you may want a bankruptcy lawyer on your side to make the most out of your personal bankruptcy.
If you're thinking about possibly filing personal bankruptcy, a bankruptcy attorne may be a great resource to answer questions and evaluate your individual case.
Total Bankruptcy has an extensive network of sponsoring bankruptcy lawyers who are happy to talk to you with no obligation.
We have sponsoring attorneys from all around the country, so we're likely to have a bankruptcy lawyer in your area.
Connect to a local bankruptcy lawyer by calling 877-349-1309 or by filling out the free bankruptcy case evaluation form on this page.