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"BEYOND PROMISES TO RESULTS"
DOES BANKRUPTCY STOP FORECLOSURE?
Ultimately, filing for bankruptcy does initiate a brief stay
from foreclosure but it does not guarantee that you will get to keep your
home. In fact, the majority of people
that file bankruptcy usually still end up being foreclosed. One of the biggest factors determining if you
will get to keep your home or not is depends on what type of bankruptcy you
The process of filing for bankruptcy usually looks like this…
An individual has a life change that affects their
finances. They wrestle with it for
months hoping things will improve but they continue to get worse. After a few missed mortgage payments and
dwindling hope, that person considers bankruptcy as a remedy to wipe out debt,
save the house, and hit the “restart” button.
At this point, that individual will likely meet with a bankruptcy
lawyer, who will inevitably tell them bankruptcy is definitely the correct
I must pause here because I need to issue a few disclaimers… 1. I
have nothing against lawyers. Many are
very bright, intelligent, and good people.
2. Sometimes they are correct and
bankruptcy is that person’s best option.
But honestly, what are the odds that a Bankruptcy lawyer is
going to tell you that you shouldn’t file bankruptcy??? I would venture to say slim to none...There job title is literally that of a Bankruptcy Lawyer! Let’s take this idea a step further…what is a
bankruptcy lawyers goal? In a nutshell,
they help people settle outstanding debts so that an individual can have a
fresh start financially. They are
Bankruptcy Lawyers, not “Save Your Home from Foreclosure Lawyers”! Saving your home is usually very low on a
Bankruptcy Lawyers radar…why? Because
your home is usually one of the biggest debts in your portfolio. Settling your debts while leaving the most
expensive debt in place usually just isn’t feasible; which is why it only makes
sense that most Bankruptcy Lawyers will eventually tell you that you will need
to leave your home behind.
CHAPTER 13 & YOUR HOME
Chapter 13 is the best bankruptcy choice if keeping your
home is one of your Bankruptcy Goals. In
Chapter 13, missed mortgage payments and penalties may be rolled into your payment
plan allowing you to pay a little bit at a time. This repayment plan will be calculated to account
for all of your disposable income. It
will paid directly to a trustee who will then distribute the funds to the creditors accordingly, and missing or being late on a payment puts your case
at risk of being revoked.
CHAPTER 7 & YOUR HOME
Chapter 7 is the most common bankruptcy filing, as it is a
true “restart button”. If you are facing
foreclosure, a Chapter 7 Filing will wipe out your personal liability to repay
the the debt but the Bank retains the right to foreclose on the house and they
will. Chapter 7 stops the Lender form
calling to collect the debt but it doesn’t stop them from foreclosing on the
I would be happy to review all your options with
you, whether it leads to a commission for me or not.
Consider me your “Save My Home From Foreclosure Lawyer”!
For a free, no-obligation consultation…fill
out the contact information below.