Posts Tagged ‘stop foreclosure with bankruptcy’
How Filing Chapter 13 Bankruptcy Can Save Your Home
September 2nd, 2009
Although it is not an attractive option to think about, filing for Chapter 13 bankruptcy can actually help you save your home and avoid foreclosure. Unlike filing Chapter 7 bankruptcy, with Chapter 13, you can set up a repayment plan that will allow you to pay missed mortgage payments over a long period of time such as three to five years. As soon as you file for bankruptcy protection, the lender has to stop the foreclosure process immediately until the bankruptcy case is heard in court. When the case is heard, you will work out a repayment plan that is acceptable for to the lender and you. Therefore, the lender will stop the foreclosure effort and you can keep staying in your home.
Avoid paying unsecured debts
The repayment plan will outline what you have to pay and when. If you have unsecured debts, you may end up paying very little towards them or pay nothing at all. That means, you will have money left to pay your missed mortgage payments.
Contest the foreclosure
Sometimes, you can contest the legality of the foreclosure on your home in the bankruptcy court. You can also contest any claims for costs and fees that are added to missed mortgage payments. A lot of the time, these costs are significantly reduced or eliminated when contested.
Get rid of other liens on your home
If you have a second mortgage lien or third mortgage liens on your home, you can usually get rid of them by filing bankruptcy. Most liens that are wholly unsecured can usually be dismissed.
Bear in mind, though, that filing for bankruptcy protection has lots of consequences so you should think carefully about your situation to make sure that it is what you want to do and what you need to do. If you need help or advice from a lawyer, you can use the service below to find one. The service is free and confidential.
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Posted in Bankruptcy, Ways to Avoid Foreclosure | 
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The New Bankruptcy: Will It Work for You?
August 12th, 2009
When people are in foreclosure and they do not have any other choices, they often think about filing for bankruptcy protection. But the bankruptcy laws have changed quite a bit recently and the new bankruptcy laws make it harder for people to seek protection. Find out if you can file for bankruptcy protection and if it will help you save your home from foreclosure in this The New Bankruptcy: Will It Work for You? book.
"Authoritative, comprehensive and packed with helpful advice and useful information, including state-specific details." (Eric Tyson, best-selling author of Personal Finance for Dummies and Mind Over Money )
"With last year's change in the bankruptcy laws creating unprecedented confusion in the field, it's important to know whether it remains a viable option, and this book will offer both explanations and reassurances..." (Accounting Today )
Description
Considering bankruptcy? Get the facts and find out how bankruptcy could work for you.
Bankruptcy laws have changed, and figuring out how to use them effectively is harder than ever. For plain-English guidance you can trust, turn to The New Bankruptcy.
Get the clear-cut answers, information and strategies you need to figure out whether bankruptcy is the right solution for your debt problems.
Find out:
- if you qualify for Chapter 7 bankruptcy
- how Chapter 13 repayment plans work
- which debts are wiped out
- how bankruptcy affects homeowners
- if you can keep cars and other property
- how bankruptcy affects credit
- alternative ways to handle debt problems
The 3nd edition is completely updated to reflect the latest rulings on the new bankruptcy laws, additional information on foreclosures and an all-new appendix containing essential sample forms. It also provides worksheets to help you determine whether you can file for bankruptcy, and includes fully up-to-date exemption charts, helpful checklists and easy-to-use legal charts for all 50 states.
Posted in Bankruptcy, Ways to Avoid Foreclosure |
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