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Photo of attorneys Shelley Slafkes and Bruce Levitt
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The Hail Mary: Filing for Bankruptcy to Save Your Home

On Behalf of | Jul 13, 2017 | Bankruptcy Basics, Foreclosure Saving Your Home

If you are in a serious financial crisis, it may seem like every part of your life has been affected in a negative way. Your options-as well as your future-may suddenly seem terribly constricted. You may feel very alone, and as if you can’t talk to anyone about these problems, sometimes even including your own family. If you reach out for help though, you may be quite amazed at the positive results-and tremendous relief-you can achieve.

While bankruptcy is generally considered the last option for reorganizing and improving your financial outlook, with the help of an experienced and caring bankruptcy attorney, you may be able to turn your life around-and even put an end to even the most intimidating of threats from lenders in terms of repossessions or foreclosure.

The Automatic Stay Will Halt All Debt Collectors

It’s never a good idea to let financial issues go until the eleventh hour, but if you are on the verge of losing your home, bankruptcy may be the solution for setting your finances straight and helping you keep your home, even if it is about to go to auction. Whether you are filing for Chapter 7 or Chapter 13, the automatic stay will immediately quiet all debt collectors, even if some only temporarily.

While the stay should stop collection activity from non-secured debtors for the duration of your bankruptcy, secured debtors attempting to repossess a car or foreclose on a home can petition the court to have the stay lifted, and often this will be granted. No matter what though, the automatic stay will give you some time to plan.

Chapter 13 Bankruptcy Can Stop Foreclosure Permanently

In Chapter 7, you will have the temporary reprieve for foreclosure offered through the automatic stay, but even if the lender does not have the stay lifted, you are right back into the grips of foreclosure proceedings once debts are discharged in three to six months. In filing for Chapter 13, you may be able to stop the foreclosure permanently. Bankruptcy laws as well as foreclosure can be complex however, so it’s imperative to have an experienced attorney on your side as you explore your options for halting foreclosure.

It may not be particularly easy if you are already struggling financially, but in Chapter 13 you should be able to roll any delinquent mortgage payments into your repayment program of three to five years, while also making the commitment to keep up with your mortgage payments. If you are not able to make your mortgage payments during that time, the lender could file to have the stay lifted; otherwise, if you pay as promised, you will walk out of bankruptcy having saved your home.

Contact Us for Help Now

If you are worried about foreclosure or have already received a notice from your lender, it’s time to get educated about your rights and your options. If you want to keep your home, it’s imperative that you have someone working for you. An experienced foreclosure attorney will understand the complexity of the law and protect you-as well as fighting your lender in court to save your home. Contact Levitt & Slafkes, P.C. now so our foreclosure defense attorneys can review your case and help you move forward in a way that suits your needs best. We are here to help!

Call us at 973-323-2953, or contact us online to schedule a free consultation.