Foreclosure can be an emotional and stressful experience after working for so many years - or decades - to pay the mortgage on your home, month after month. Individuals and couples who are facing losing their homes to foreclosure will often do just about anything to save them. Fortunately, Chapter 13 provides homeowners options that not only stop the pending foreclosure but also help them to save their homes. If you are facing foreclosure on your home, you should contact an experienced bankruptcy attorney to discuss your options as soon as possible.
Keep Your Assets
For many debtors facing foreclosure, Chapter 13 is a miraculous solution, because they are allowed to keep assets that are important to them (including their home) while they repay the creditors that they owe. Chapter 13 helps people who have fallen behind on their mortgage catch up on any past-due payments while remaining in the property. In some cases, it can even lower their monthly payments.
How Does it Work?
Chapter 13 payments group all debts together in one lump sum. The sum is then turned into one payment per month, based on the individual or couple’s disposable income. The bankruptcy trustee determines the monthly income in relation to the median income in your state. All of your expenses are taken into consideration, as well, to come up with the Chapter 13 monthly payment. This payment is made to the bankruptcy trustee each month, who then pays all of the debtors individually.
If you are being threatened by the mortgage company, you should contact a bankruptcy lawyer today to discuss your financial situation. We understand how scary the possibility of losing your home is. While every situation is different, there is a good chance that we can help you assess your financial situation and come up with a repayment plan that permits you to keep living in your home.
Are You Considering Filing For Bankruptcy?
If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.