Through Bankruptcy, You Can Stop Foreclosure
If you have been served with a foreclosure notice and you want to keep your house, contact a lawyer right away. Depending on your circumstances, you may be able to use bankruptcy to stop the foreclosure proceedings, catch up on your back payments and keep your house.
But the longer you wait, the more difficult it will be. The law offices of Sheryl A. Shoebottom, PLLC, provides experienced and affordable bankruptcy and debt relief services for clients in Southfield, Michigan, and surrounding areas. To schedule a free initial consultation with attorney Sheryl A. Shoebottom, call 888-343-9145 or contact her law office online today.
How Bankruptcy can Stop Foreclosure
Most often, foreclosures are stopped using Chapter 13 bankruptcy. When you file for bankruptcy, the judge immediately issues an "automatic stay," which prevents your creditors from taking any actions to collect the debts you owe them. That means the foreclosure process has to stop — along with any letters and phone calls from your other creditors.
The end effect of Chapter 13 bankruptcy on foreclosure is that it gives you time to catch up on back payments, and creates a plan that will allow you to continue making your mortgage payments indefinitely. If you don't have an income, or if your house is simply too expensive for your income to support, then bankruptcy may delay foreclosure, but it will not save the house.
However, if you've fallen behind on payments because of a temporary disruption in your income, or because other debts have made it difficult to make mortgage payments, then there is a good chance you will be able to save your house.
But remember: time is of the essence. If you have received a foreclosure notice, contact a lawyer as soon as possible. If your house is being put up for auction at a Sheriff's sale, contact a lawyer even sooner.
To schedule a free consultation at the law firm of Sheryl A. Shoebottom, PLLC, call 888-343-9145 or contact the firm online today.
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