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Filing Chapter 13 Bankruptcy to Stop Foreclosure

What You Need to Know about Foreclosure in Chapter 13 Bankruptcy

With the current trend in the financial markets, foreclosure is a very serious issue: recent statistics show that 1 in every 476 U.S. households was in foreclosure.

Facing a foreclosure can be devastating financially and emotionally. As a consumer, it is important that you get educated on your options – like filing Chapter 13 bankruptcy to stop foreclosure – when seeking to take control of your financial situation for yourself and for your family.

Let Chapter13.Me go to work for you and connect you with a nearby Chapter 13 bankruptcy lawyer – get started by taking a few minutes to fill out our quick and easy free bankruptcy case evaluation form or simply give us a call at 1 (888) 632-0504, and we’ll do the rest.

While the following information provides a nice introduction on mortgage foreclosure in Chapter 13, a local bankruptcy attorney can explain in more detail how Chapter 13 bankruptcy may allow you to keep your home.

Your Home Sweet Home – What Is Mortgage Foreclosure?

You may be wondering exactly what a foreclosure is. Basically, foreclosure refers to when the bank or mortgage company that has a lien on the real property you are purchasing decides to take the property back. This usually happens when there has been a breach in the contract for the purchase of the property. The most common breach occurs when mortgage payments are past due.

Falling behind on mortgage payments is definitely no fun. It can be an indicator that other serious financial problems are in progress or on the horizon. If you are in this situation, please read the following information very carefully. Filing Chapter 13 bankruptcy may allow you to stop foreclosure, keep your home and catch up on your mortgage debts.

How Chapter 13 May Allow You to Stop Foreclosure

For those of you who are movie buffs, you may recall a scene in O Brother, Where Art Thou? in which a father tells his son to shoot anyone from the bank to stop foreclosure proceedings. Well, in the movies, that may get lots of laughs, but in reality, it could mean that you will need a criminal defense attorney instead of a bankruptcy lawyer.

Fortunately, you have a better way to stop a foreclosure on your home – it’s called the automatic stay.

Fast and effective (and requiring no bullets), the automatic stay is a court order entered by your bankruptcy trustee after you file Chapter 13 bankruptcy. The automatic stay will put a stop on the foreclosure of your home during your Chapter 13 case and allow you the time to work out a repayment plan with your creditors.

What Are Your Obligations under Chapter 13?

While Chapter 13 bankruptcy may give you the breathing room you need in order to reorganize your bills and payments, you will still need to follow through on your obligations after your petition is filed.

To keep everything in the clear, you must still make all your mortgage payments as they become due. If you fail to make these payments, your automatic stay may be in serious trouble.

However, staying on track will get you the discharge at the end of your repayment plan – and that is a cause for celebration.

Examine Chapter 13 Bankruptcy to Stop Foreclosure with a Nearby Bankruptcy Lawyer

A local bankruptcy attorney in your area can help you examine how filing bankruptcy via Chapter 13 of the U.S. Bankruptcy Code may help you stop foreclosure. To get the help that you need, just fill out our free bankruptcy case evaluation form or call 1 (888) 632-0504, we’ll connect you with a local bankruptcy attorney as soon as possible.

When your home may be on the line, take control sooner rather than later!

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