Could Chapter 13 Bankruptcy Save Your Home From Foreclosure?
February 8, 2009 by admin · Leave a Comment
You May Be Able To File Bankruptcy And Keep Your Home
Times are tough. If you’ve fallen behind on your mortgage payments, you’re certainly not alone in your struggle. In fact, a foreclosure occurs every 13 seconds in the United States, according to The Center for Responsible Lending. But just because you may be facing bankruptcy, it doesn’t necessarily mean that you must lose your home to foreclosure. If you act quickly, you’ll likely have debt-relief options that could help protect your home. One of those debt-relief options may be filing Chapter 13 Bankruptcy.
How Does Bankruptcy Stop Foreclosure?
When a person files for bankruptcy, the automatic stay typically goes into effect right away.
Under the stay, creditors are court-ordered to stop all collection efforts, which include:
• foreclosure
• repossession
• some lawsuits
• most wage garnishments
• harassing phone calls & letters
Millions of Americans with money problems, and facing foreclosure on their home, have sought the protection of the automatic stay, and filed Chapter 13 bankruptcy to save their homes. Read more