How Chapter 13 Bankruptcy Can Save Your Home

Bar Association ApprovedMortgage companies are foreclosing on homes at an alarming rate. Adjustable Rate Mortgages (ARMs) set up 3-5 years ago now have soaring interest rates, causing a dramatic increase in payments and declining home values.

When you find yourself in an unexpected situation such as job loss, health emergencies or unmanageable expenses, you might not be able to pay your mortgage on time. This means the home you love may be at risk of foreclosure. What you might not know is that Chapter 13 bankruptcy can save your home if you have fallen behind on mortgage payments and want to avoid the foreclosure process.

Filing Chapter 13 bankruptcy can work to your advantage. If your home gets foreclosed, you will lose all the money you have invested in it. The foreclosure will be reported to the public, as well as credit reporting agencies, which means it will stay on your record for up to 7 years, ruining your chances of getting loans or purchasing another home in the future.

As soon as a Chapter 13 petition is filed, an automatic stay temporarily stops foreclosure and any other actions taken by collections agencies. The automatic stay gives you, the debtor, and your attorney 15 days after filing the petition to work out a repayment plan.

Some of the benefits of filing Chapter 13 bankruptcy include:

A bankruptcy attorney can help you come up with the right plan for saving your home from foreclosure. Saving the home is not always possible, but attorneys understand how important keeping your home is and will discuss the benefits of home ownership with you during the consultation. Attorney Search Network can help you find a bankruptcy attorney in our area that can make a difference in saving the home you love.


If you have any questions about the information provided above, please contact Attorney Search Network.

Contact Attorney Search Network for an Attorney Referral to an pre-screened Chapter 13 Bankruptcy Lawyer.

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