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Facing Foreclosure? Here’s How Filing for Bankruptcy Can Stop It
If you’ve recently received a foreclosure letter, you’re probably worried that you’re going to lose your home. The thought of having to move, find a new living situation, and leave the place where you and your family have made memories is stressful and heartbreaking. While it may feel like a hopeless situation, there are multiple options to stop a foreclosure on your home, and filing for Chapter 13 bankruptcy is one of them.
Whether you got behind on your mortgage payments due to loss of a job, illness, or other hardship, filing for bankruptcy will buy you extra time to find another job or recover financially from a disability while still keeping your home. As long as you file before the sale of your home, the foreclosure will immediately cease.
How Is That Possible?
Under federal law, mortgage lenders are prohibited from trying to collect your past-due amount in one lump sum when you file a Chapter 13 bankruptcy petition. They are also required to work with you, along with any other creditors that you may have, to come up with a realistic repayment plan so that you can achieve financial stability again.
This not only gives you an opportunity to keep your home and repay your mortgage loan, but also gives you an opportunity to make payments on any unsecured debts, such as credit cards and medical bills.
If you’re trying to get back on your feet after getting laid off, recovering from surgery or illness, or after acquiring excessive credit card debt, Chapter 13 bankruptcy may be the solution for you. The court will work with you to create a reasonable monthly payment that is commensurate with your income and the size of your household, and you won’t lose your home when you make those payments every month.
GSH Law Is Here For You
If you’re facing a foreclosure, and want to stop it immediately, give me a call today to set up a free consultation. Filing for bankruptcy in order to save your home doesn’t have to be confusing and overwhelming. I can explain everything you need to know, and help you get back on track.
Call me at 502-435-2593 or send me an e-mail at firstname.lastname@example.org.
I’ll work hard to help you stop a foreclosure as quickly as possible (and will meet with you in the evening or over the weekend). I look forward to speaking with you!
Written By – Tracy L. Hirsch
Louisville Bankruptcy Attorney
Tracy has focused the majority of her legal career as a debt relief lawyer, advising her clients on how to get a fresh start and rebuild their lives so that unfortunate situations won’t devastate their families forever.