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Bankruptcy and Foreclosure

For many homeowners stopping foreclosure is an urgent matter. If other solutions have not been successful, filing for bankruptcy can effectively stop the lender from proceeding with a foreclosure action at least temporarily. Under 11 USC 362, once you have filed a bankruptcy petition the court issues an automatic stay which will stop your creditors from continuing any collection action.

Relief from foreclosure is only temporary if you file for Chapter 7 as this form of bankruptcy case is generally completed in just a few months and the lender may ask the court to allow the foreclosure to continue. By filing for Chapter 7 before the lender begins the foreclosure process you could gain more time in addition to the almost four months it will take for the foreclosure process to run its course.

In Chapter 13 the homeowner has three to five years to pay the arrearages provided current mortgage payments are made on time. Additionally, any second or third mortgages which exceed the current value of the home can be stripped off by the bankruptcy court as unsecured debt. After completing the repayment plan the remaining unsecured debt is discharged.

If you are facing foreclosure, you need to know what all of your options are. Attorney Joseph A. Mannis has been helping clients throughout Simi Valley, Agoura Hills and Woodland Hills with foreclosure matters for many years. To find out more about preventing foreclosure call us for a free consultation.

Categories: Bankruptcy

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