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Facing Foreclosure in New Jersey? Bankruptcy may be the answer

If you are being threatened with the foreclosure of your home, it might be time to consider filing for bankruptcy protection. As soon as you file your bankruptcy case, the automatic stay is effective. The stay prohibits any collection activity, including a foreclosure action, from continuing. The two main types of personal bankruptcy filings are Chapter 7 and Chapter 13. You should meet with an experienced New Jersey bankruptcy attorney to discuss which type of filing is best for your individual circumstances. Both types of filing can provide you with help you need in dealing with your foreclosure action. A Chapter 7 case will temporarily stop the foreclosure action. This buys you extra time to remain in your home as well as time to negotiate with your mortgage lender. However, if you are significantly past due on your mortgage payments, your lender will likely seek relief from the automatic stay in order to continue with the foreclosure proceedings. In a Chapter 13 case, the debtor must propose a feasible Chapter 13 plan for repaying the creditors, including the mortgage lender (if you intend to keep your home). Your ability to create a feasible plan depends on a variety of factors such as your basic living expenses and the amount you are past due on your mortgage payments. If the plan is successful, a Chapter 13 filing can stop a foreclosure action. Foreclosure can be one of the most unsettling occurrences for your family. Before you walk away from your home and allow it to be foreclosed upon, meet with an experienced bankruptcy attorney at Levitt & Sflakes. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 11 and Chapter 13 filings. Let us help you get the fresh financial start you need today.

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