Should I file a bankruptcy to delay my foreclosure?

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If you fall behind on your mortgage payments, you may be at risk for foreclosure. If you are facing foreclosure, bankruptcy may help. Once you file either a Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay. This causes creditors to cease collection from you immediately.

 

By filing a Chapter 7 bankruptcy, you can buy yourself some time because the sale will be legally postponed due to the automatic stay. However, after a few months, the lender will file a motion to lift the automatic stay. At that point, the sale will go forward and you will lose your home.

 

If you would like to keep your home, then filing a Chapter 13 bankruptcy is a better option. This allows you to pay off the late unpaid payments over a repayment plan, however, you will need enough money to make your current mortgage payment as well as the payment plan amount. If you make all payments throughout the payment plan, you can avoid foreclosure and keep your home.

 

Ultimately, bankruptcy can delay and even stop foreclosure on your home.

The post Should I file a bankruptcy to delay my foreclosure? appeared first on Philadelphia Bankruptcy Lawyers.

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Cibik & Cataldo
1500 Walnut Street Suite 900
Philadelphia, PA 19102
(215) 735-1060
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Published by cibikandcataldobankruptcy

Cibik & Cataldo, a Philadelphia bankruptcy law firm, has provided superior, cost-efficient, and value-oriented legal services in a compassionate and respectful manner to thousands of clients. The Philadelphia law firm concentrates solely on consumer and business bankruptcy matters. Debt consolidation attorneys Michael A. Cibik, Esq. and Michael A. Cataldo, Esq. are both certified by the American Bankruptcy Certification Board and have filed well in excess of 20,000 personal bankruptcies. ABC Certification provides an objective standard that assists the public in making informed decisions when choosing counsel. Additionally, ABC certification encourages attorneys to strive toward excellence and recognizes those attorneys who have met ABC’s rigorous standards. Business Hours Monday - Friday 9am-5pm Cibik & Cataldo 1500 Walnut St Suite 900 Philadelphia, PA 19102 (215) 735-1060

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