When it comes down to it, a home is often the most valued and cherished possession in the lives of individuals and families.
The stress of burdensome and unmanageable debt can wear on individuals and families in different ways, but when it extends to a home, it can be particularly severe. Unfortunately, with the housing crisis and economic turmoil, this is precisely the situation that countless Americans face. Fortunately, there are ways out.
By employing the automatic stay, it is possible to stop home foreclosure with bankruptcy. Creditors will be forced to stop all collection action which includes foreclosure. A filing will also allow for payment over a period of time.
It’s important to realize, however, that the automatic stay is temporary relief, and because your mortgage is a secured debt, your bank can ask the court for relief to begin proceedings again outside of bankruptcy protection. Because of this, Chapter 7 may only interrupt the proceeding, rather than stopping it.
By pursuing a Chapter 13 bankruptcy, however, you may be able to repay past due mortgage over a five-year period with no added interest/penalties on past due amounts.
Chapter 13, however, can be complicated, and partnering with an experienced attorney is often the ideal solution when undertaking the proceedings.
Nassau County Mortgage Foreclosure
If you are facing a possible foreclosure in New York, I can take my two-plus decades of experience to help you save your house. I understand how stressful the prospect of losing a house can be and am committed to working one-on-one with you to understand all details involved in your financial situation and help you move toward a long-lasting resolution for your house.
To go over any aspect of bankruptcy with lawyer Scott R. Schneider in a free initial consultation, call 516-433-1555 or e-mail him here.
I am a federally designated debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
Better Business Bureau
Bankruptcy Practice Spotlight
If you are facing a possible foreclosure, I can take my two-plus decades of experience to help you save your house.
I understand how stressful the prospect of losing a house can be and am committed to working one-on- one with you to understand all details involved in your financial situation.