Mortgage Foreclosure and Chapter 13 Bankruptcy
Did you know that filing a Chapter 13 Bankruptcy can stop a foreclosre? In fact, stopping mortgage foreclosures is the driving force behind many Chapter 13 bankruptcies that are filed in Las Vegas, Nevada. Filing a Chapter 13 Bankruptcy can stop a mortgage foreclosure proceeding in its tracks. However, the Chapter 13 bankruptcy must be filed before the mortgage company sells your home. The bankruptcy filing gives homeowners the time they need to cure delinquent mortgage payments.
A Chapter 13 bankruptcy plan provides for the repayment of the mortgage arrears and other secured debts from future income rather than from the current sale of your assets. Under Chapter 13 bankruptcy, the payments you make are fixed so that you can meet all your necessary living expenses first and then pay any surplus income to creditors. One of our experienced Las Vegas, Nevada Bankruptcy Attorneys can help you structure a repayment plan that works for you and your creditors.
As a Nevada homeowner, you must make all mortgage payments that come due during the Chapter 13 bankruptcy repayment plan. Your mortgage company cannot contact you in regard to your pre-filing mortgage arrears while you are in the Chapter 13 bankruptcy. However, if you fail to make your post-filing mortgage payments, the mortgage company can ask the bankruptcy court to lift the protection of the bankruptcy code and resume the foreclosure proceedings against you. The possibility of refinancing your mortgage after you have gotten back on track with your Chapter 13 plan is realistic for many consumers. Once the mortgage company sees consistent and current payments, they are happy to work with people after their Chapter 13 Bankruptcy filing.
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