Share:

Foreclosure is a terrifying prospect, and alternatives can seem few and far between as the date approaches. However, according to the legal team at Bueker Law Firm in Stuttgart, AR, you can find immediate relief through Chapter 13 bankruptcy. Despite the stigma surrounding bankruptcy, it can actually be extremely beneficial when guided by an attorney, so it’s important to understand how it affects your foreclosure.

As you accumulate more debt, missed mortgage payments become part of the equation. As these bills pile up alongside other debts, mortgage lenders find it more worthwhile to foreclose on the house rather than allow more debt to accumulate. To halt foreclosure, you can hire a lawyer to help you file for Chapter 13 bankruptcy.

attorney-bueker-law-firmWhen you do this, courts will put an immediate “automatic stay” on all creditors. During this time, they can petition for a relief of stay, but otherwise, they can’t come after your assets. This offers a valuable opportunity to work with an attorney at law to use Chapter 13 bankruptcy to combat foreclosure.

Chapter 13 bankruptcy doesn’t lift your debts; instead, you submit a comprehensive repayment plan to the courts—usually running from a three- to five-year period—that will allow you to successfully repay debts; this includes your mortgage. Depending on the court’s ruling, you’ll either repay the lender or an appointed trustee to collect global repayments.

Trustees come with fees, so have your attorney petition for a direct-to-lender plan. As long as you pay back all mortgage payments within the proposed time frame, you’ll be able to keep your home. It’s important to have your attorney address second and third mortgages as well. It’s best to categorize them as unsecured debt so it doesn’t factor into priority mortgage payments.

Utilizing Chapter 13 bankruptcy is the best way to stop foreclosure, and with a sound repayment plan, you’ll be able to keep your home. If you need assistance filing, turn to an attorney at Bueker Law Firm. They offer extensive bankruptcy services and can help you work toward a positive financial future. Call (870) 673-1313 today to schedule a consultation and visit their website and Facebook to learn more about their practice.

tracking