You Can Stop Foreclosure with a Bankruptcy Attorney in St. CharlesComments Off on You Can Stop Foreclosure with a Bankruptcy Attorney in St. Charles
The possibility of foreclosing on your home is not only frightening but overwhelming and quite confusing. You might feel that there should be something you can do to avert the situation or even delay proceedings. There is one option you need to consider before going any further. You may want to stop foreclosure with a bankruptcy attorney in St. Charles. A professional can offer guidance about Chapter 7 bankruptcy, where you can postpone the procedure. It is also possible to keep your home if you file for Chapter 13 bankruptcy.
Foreclosure happens when you get behind on mortgage payments and occurs over a period of time. There are numerous steps involved and it often takes several months to complete the process. This can give you much-needed time to investigate all your choices to meet your mortgage obligation. When there is no other option, bankruptcy may be your only alternative.
When you file Chapter 7 or Chapter 13 bankruptcy, an automatic stay requires your creditors to stop collection actions. This can delay foreclosure.
If keeping your home is a priority, filing Chapter 13 is your best option. This allows you to pay off the amount of mortgage overdue over a pre-determined time. It is important to note that while paying your current mortgage payment, you must also pay the agreed-upon amount that is behind schedule. You will be able to keep your home if you follow this agreement.
Consult with a professional to determine the best way to stop foreclosure with a bankruptcy attorney in St. Charles. Call or text Teague & Associates, LLC today at (314) 899-4499.