The presentation below breaks down how a Chapter 13 can be utilized to immediately stop a foreclosure and reorganize your situation. When you are facing foreclosure, the process seems to be out of your control. Dates are set and you have nothing to do with the dates that have been set for your home to foreclose. One of the best ways to take back control of the situation is to use a Chapter 13 bankruptcy. Chapter 13 bankruptcy consists of a reorganization of your debt based on your income and expenses on a monthly basis. Some of your debt may be paid back through Chapter 13 payments, especially debts that are associated with an asset which you would like to keep through the process and after the Chapter 13 is over. A home is one of these types of assets which can be saved through a Chapter 13 repayment plan. Your past due debt from your mortgage, also known as arrears, can be paid back through your Chapter 13 payments which are usually monthly payments for a period of 60 months.
Stopping a foreclosure is a realistic situation if you qualify for a Chapter 13 bankruptcy. It is not only theoretical or something that only works part of the time. Chapter 13 is a structured payment plan to help you catch up on your payments if you have the income to do so. Because of the complexity of a Chapter 13 bankruptcy, the assistance of a bankruptcy attorney is critical. Take a look at the slides in the presentation to help you understand how the bankruptcy protection of a Chapter 13 bankruptcy will help you save your home from foreclosure. We hope that the information you read will help you get a better understanding of how the Chapter 13 will work and also to give you an understanding of why you will need a bankruptcy attorney to help you with the bankruptcy filing.
To find out whether you can qualify for a Chapter 13 or to get any additional information/clarification, please contact Bankruptcy Law Professionals at 855 257-7671 to set up a free consultation with our attorney.