Foreclosure Bankruptcy
Save Your Home—Get Help Today
Foreclosure can strike anyone.
If you’re at risk of losing your home to foreclosure due to job loss, divorce, medical emergency or other financial trouble, don’t hesitate.
Chapter 13 bankruptcy and foreclosure: Chapter 13 was designed to immediately halt foreclosure proceedings—learn how with help from a local bankruptcy attorney.
Simply fill out our free contact form below to connect with a bankruptcy lawyer near you for a free case evaluation.
If you are dealing with foreclosure, know that you are not alone. Foreclosure has become an epidemic in recent years thanks to loose lending practices and easy credit during the housing boom.
Many traditionally risky borrowers were given loans they could barely afford, or that saw sudden jumps in monthly payment.
Traditional lending practices, such as large down payments, were eliminated as banks looked for new ways to sell their products.
Foreclosure Laws
Foreclosure is the process by which lenders reclaim property for which the borrower has stopped making payments. Foreclosure is legal process, and each state has its own foreclosure laws.
The timeframe you have to fight foreclosure is different in each state. A legal professional in your area can help you meet deadlines and work with banks and local authorities to halt foreclosure—and help you keep your property.
Foreclosure can be a long process, and can take up to a year in some states.
In the housing meltdown, many banks are overwhelmed with pending foreclosures, which may give you even more time.
However, once your lender begins foreclosure action, you may be forced out of your home faster than you think. By filing bankruptcy, you can halt foreclosure and get the time you need to work with creditors to repay debts.
Filing Bankruptcy and Foreclosure
Bankruptcy is a powerful tool that can immediately halt foreclosure through the bankruptcy automatic stay, allow you to work out a repayment plan for debts, and let you keep your home.
Chapter 13 bankruptcy is one part of the bankruptcy code that is designed to stop foreclosure and repossession, and may even eliminate high-interest credit card debts or medical bills. Learn more about how Chapter 13 bankruptcy works.
The moment you file bankruptcy, a court order called the automatic stay goes into effect and stops all forms of collection efforts. This includes pending foreclosures, creditor phone calls and threatening letters. Learn more about how the automatic stay provides protections.
If you are living in a home you can no longer afford, bankruptcy gives you options.
Many people fear that bankruptcy ruins credit, but in fact it lets you rebuild credit. Some homeowners are able to refinance their homes after filing bankruptcy to create a more affordable payment plan. Learn more about refinancing after bankruptcy.
Depending on your situation, there may be other options to help stop foreclosure. Bankruptcy is a powerful tool, but is often used as a last resort. Learn more about your foreclosure options.
Stop Foreclosure—Take Action Today
If you’re behind on mortgage payments and your home is facing foreclosure, the time to take action is now.
A local attorney can help you explore your options, including bankruptcy, determine which will work best in your situation, and tell you how to stop foreclosure.
You can connect with a local bankruptcy lawyer today for a free case evaluation. Simply fill out the form on this page or call us toll-free at 877-215-1553.