Can Bankruptcy Stop Foreclosure? Receiving a foreclosure notice from the bank and worrying about losing your home can be stressful and confusing, and many people faced with foreclosure have no idea what to do and where to turn for reliable help.
When filing a Chapter 13 bankruptcy, a debtor will not lose any property (including your home) to the bankruptcy trustee. The filing also does not affect a debtor’s mortgage.
When filing a Chapter 13 bankruptcy, a debtor will not lose any property (including your home) to the bankruptcy trustee. The filing also does not affect a debtor’s mortgage.
If you are facing foreclosure, it’s advised that you work with a bankruptcy attorney that can explain what options you have to keep your home, including filing for a Chapter 13 bankruptcy.
If you are facing foreclosure, it’s important to know that there are options available to you. As always, it’s advised that you work with a bankruptcy lawyer such as a phoenix chapter 13 bankruptcy lawyer to help you figure out if bankruptcy is a good option to save your home.
We talk a lot about secured and unsecured debt in bankruptcy. Unsecured debts are debts that do not have property attached to them, and thus cannot be garnished by a creditor (unless through specific court orders).
There are many reasons for why people lose their homes to foreclosure: loss of income due to job loss or illness, or financial downturn.