Foreclosure Bankruptcy
Foreclosure bankruptcy deals primarily with filing a bankruptcy in order to either stop a foreclosure or to repay the mortgage company during a Chapter 13 bankruptcy case over time.
If you are faced with a foreclosure proceeding you may wish to consider filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. These are the two best bankruptcy options to avoid foreclosure if you are faced with having to file a foreclosure bankruptcy.
Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop a pending bankruptcy foreclosure. However, in order to determine which option is best for you, you should consult with an experienced bankruptcy lawyer. A bankruptcy lawyer can analyze your particular circumstances and help you determine whether it is in your best interest to file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
If you are behind on your mortgage and are facing a foreclosure bankruptcy, filing Chapter 7 bankruptcy will stop the foreclosure but the mortgage company may or may not allow you to stay in the residence. Many times Chapter 7 bankruptcy is utilized as a tool to buy a client more time before vacating the property.
A Chapter 13 bankruptcy attorney can determine with you whether you should file a Chapter 13 bankruptcy an attempt to stop a foreclosure bankruptcy. If you file a Chapter 13 bankruptcy the bankruptcy laws require that you pay your regularly scheduled mortgage payment each month after the bankruptcy case is filed.
At the present time, the bankruptcy judge does not have the power to reduce the amount of your monthly mortgage payment, so if you file a bankruptcy and wish to retain the property you must be prepared to make your regular monthly mortgage payments. In addition, filing a Chapter 13 bankruptcy would allow you to repay any missed mortgage payments over time in the Chapter 13 bankruptcy case.
Foreclosure bankruptcy law can be complicated and it is advisable that you seek the opinion of an experienced bankruptcy attorney to help you decide which type of bankruptcy best suits your needs. Foreclosure bankruptcy attorneys generally will offer free Chapter 7 bankruptcy and Chapter 13 bankruptcy options.
Law Offices Of Roger Ghai, P.C.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.
Disclaimer: This website contains general information about various areas of bankruptcy. It is highly recommended that if you are considering bankruptcy as an option, that you seek the advice of an attorney. The information on this Website is not intended to be legal advice and viewers should consult with an attorney.
