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How Bankruptcy Can Help Save Your House

Home |Bankruptcy |How Bankruptcy Can Help Save Your House

Learn How Our Bankruptcy Attorneys Can Help You

If you are in financial trouble and are concerned about losing your home in a foreclosure sale, you may want to consider filing for bankruptcy to save your house. The idea of losing your home can be heart-wrenching, but through a bankruptcy filing, you can protect your home from creditors.

Choosing Bankruptcy in
Lieu of Foreclosure

You should consider filing for bankruptcy to protect your house from a foreclosure sale. When you file for Chapter 7 or Chapter 13 bankruptcy, the bankruptcy court will automatically issue a stay that prevents your creditors from pursuing their collection efforts against you, including preventing creditors from initiating a foreclosure sale on your home. However, your creditors could seek to have the stay lifted through a motion, which would expose your home to the foreclosure proceeding.

Chapter 13 Bankruptcy Repayment Plan Can Protect Your Home

If you file for Chapter 13 bankruptcy, you can protect your home from foreclosure, even if your creditors try to file for a motion to lift the stay. Filing for Chapter 13 bankruptcy allows you to develop a repayment plan for your overdue mortgage payments. Under Chapter 13 bankruptcy, you will need to propose a repayment plan for your overdue mortgage payments over a period of time. You will be required to pay both your regular mortgage payments due each month and your repayment of the overdue payments until you have made up all of your overdue mortgage payments. By entering into a mortgage repayment plan through Chapter 13 bankruptcy, you will get to keep your home and not have to worry about your house being sold in a foreclosure sale unless you cannot make payments under your repayment plan.

Safeguarding Against
Foreclosure on
Secondary Mortgages

Chapter 13 bankruptcy can also be handy if you are worried about a second or third mortgage foreclosure. Chapter 13 bankruptcy can help you by eliminating some of the payments on your second or third mortgage. If your second or third mortgages are backed by the equity you have in your home, but your home has dropped in value, there might not be enough equity to secure your other mortgages. This means that your second or third mortgage can be converted into unsecured debts, which can be partially or fully discharged through Chapter 13 bankruptcy.

Let Us Help You With Your Bankruptcy Proceeding

Other alternatives may be available to you besides bankruptcy, and these other options should be explored thoroughly before you choose to proceed with a bankruptcy filing. There are many long-lasting consequences to filing for bankruptcy, so you must be sure that you are ready to deal with these long-term consequences when you file for bankruptcy. If you are considering filing for bankruptcy in Indiana to protect your home from foreclosure, you must discuss your situation with an experienced bankruptcy attorney as soon as possible. The bankruptcy lawyers at Whitten & Whitten are knowledgeable, experienced, and ready to help you.

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