Tag Archives: Foreclosure

Using Bankruptcy to Save Your Home and Stop Foreclosure

Your home is where you raise your kids. It is where you have family meals and celebrate holidays. It is where you make many of your important memories. Excessive debt and falling behind on mortgage payments can jeopardize everything. If you fall too far behind on payments, then you could lose your home to foreclosure. Is there a way to stop foreclosure and save your home? If you received a foreclosure notice, then you might feel as if all hope is lost. Protecting your home from foreclosure may seem like an insurmountable task. Fortunately, there are ways families can keep their homes. A Kansas City bankruptcy lawyer can review options for stopping foreclosure. Your attorney can guide you through the process of saving your home. Some of those options could include filing bankruptcy, filing for a loan modification, or filing suit against the bank. However, bankruptcy is an option that…
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What is the Automatic Stay in Bankruptcy?

Bankruptcy has several benefits if you are struggling with excessive debts and creditor collection actions. Filing for bankruptcy not only gives you the chance to discharge some of these debts, an automatic stay goes into effect after you file. The automatic stay prevents most creditors from making collection attempts. An automatic stay can: Delay an eviction. If you are facing an eviction for nonpayment of rent, then the automatic stay can temporarily delay the process. However, this would depend on the circumstances. The eviction could proceed if your landlord had already obtained a judgment before you filed for bankruptcy. Your landlord could also file a motion to lift the stay. Prevent foreclosure. The automatic stay can temporarily halt a foreclosure proceeding, even if you file for bankruptcy at the last minute. If you file for Chapter 13 bankruptcy, then your late mortgage payments would be combined with other debts in…
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Can I Modify My Chapter 13 Plan?

can help protect your most important assets, such as a home or vehicle. However, it also requires you to complete a three to five-year repayment plan. Each month, you will be required to pay the Trustee, who will then pay back your creditors. During this time, changes in your financial circumstances could make it difficult or impossible to complete your Chapter 13 plan. Depending on the circumstances, you may be able to file a motion to modify your Chapter 13 payments by: Decreasing the amount of your Chapter 13 payment by adjusting the amount paid to nonpriority unsecured creditors. Temporarily suspending your Chapter 13 payments. It may be possible to receive a temporary moratorium on payments that could last for several weeks. This may allow you time to resolve the financial situation that is causing you trouble. The requirements for modifying your Chapter 13 plan vary depending on the court….
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