How to Stop Foreclosure with a Bankruptcy Lawyer in Maryland HeightsComments Off on How to Stop Foreclosure with a Bankruptcy Lawyer in Maryland Heights
Facing foreclosure is not only unfortunate but it is also confusing and overwhelming. You may wonder if there is any way that you can delay the inevitable or even avoid it entirely. It may be possible to stop foreclosure with a bankruptcy lawyer in Maryland Heights. By filing Chapter 7 bankruptcy, you may delay the foreclosure for several months. You can actually save your home by filing for Chapter 13 bankruptcy.
A foreclosure occurs when you fall behind on paying your mortgage but it does not occur overnight. Since many steps are involved, the process may take a few months, giving you time to investigate other options to meet your obligation. If you have tried these methods with no success, it may be necessary to consider filing bankruptcy.
Filing Chapter 7 or Chapter 13 bankruptcy automatically initiates an automatic stay, which tells your creditors to cease collection activities. This results in a delay to the foreclosure.
If you are determined to keep your home, filing Chapter 13 is the choice for you. This option permits you to pay off the amount that you are in arrears over a specifically determined period of time. Keep in mind that you will not only have to pay your current monthly mortgage payment but also the agreed upon amount in arrearage. Paying all of these monies will allow you to keep your home.
Filing Chapter 7 bankruptcy discharges virtually all of your debts and you will lose your home.
Speak with a professional to decide how to stop foreclosure with a bankruptcy lawyer in Maryland Heights at Teague & Associates, LLC. Call (314)899-4499 today.