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Filing bankruptcy can instantly stop a foreclosure. But to permanently save
property from foreclosure, you will need to use the Bankruptcy process strategically,
or your efforts could be wasted, leaving you with no home and a Bankruptcy
on your record.
A properly planned Chapter 13 might be able to "lienstrip," or completely
eliminate, a second or third mortgage, or a home equity loan. Federal law stops
the bankruptcy process while you work out a payment terms with a bankruptcy
trustee to bring your payments current on your first mortgage. Since you've
gotten rid the second and third mortgage- — not to mention other debts
possibly swept away by the Chapter 13, such as credit card debt — you'll
be better able to afford to pay your first mortgage and the past due amounts.
As long as you and your attorney propose a plan that meets the requirements
of bankruptcy law, your mortgage company has to take what you offer.
Our office represents Nevada residents in Bankruptcy cases under both Chapter
7 and Chapter 13. We will evaluate your individual circumstances and help you
chose what works for you.
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