DELAY OR STOP FORECLOSURE

FILING BANKRUPTCY CAN GIVE YOU TIME TO CONSIDER YOUR OPTIONS

You may think you have no options to save your home if you have been served with a foreclosure notice. However, filing bankruptcy will delay the foreclosure process, giving you time to consider your options. You can stop the foreclosure for good if we can come up with a plan to save your home, or we can buy you time to make a clean get away. We at The Winter Law Group are experienced with the foreclosure process and bankruptcy, and we can help you.

DELAYING FORECLOSURES WITH BANKRUPTCY

When you file bankruptcy, an automatic “stay” goes into effect that prevents all collection activities by creditors — including foreclosure. While filing bankruptcy does not guarantee you will stop foreclosure, it will delay the process so you have time to consider your options.

If keeping your home is important to you, we can help you determine whether filing bankruptcy can help you accomplish that goal. Your attorney will review your overall situation, providing honest answers so you can make informed decisions.

If you cannot avoid foreclosure or wish to let go of the property, we can help you take the necessary precautions to minimize any future liability regarding liens, property tax obligations or foreclosure sale deficiency debt.

In many cases, people can keep their home by coming current on past-due mortgage payments in Chapter 7, or by including a first or second mortgage within a Chapter 13 payment plan. As long as you can demonstrate your ability to continue making payments, you can most likely protect your property from foreclosure.

WHAT ABOUT BUYING A HOUSE IN THE FUTURE?

Many mistakenly believe that filing bankruptcy or experiencing foreclosure prevents them from ever buying a house again. There are several key things you will need to obtain a loan to buy a home. Stable income and an appropriate down payment are still the most important. Low debt is very helpful. Bankruptcy provides you the opportunity to get rid of debt and begin anew. Once free from crushing debt, you can re-establish your credit and continue or increase saving to buy a home in the future.