Your home is not just the place where you and your family sleep at night. It’s a place to feel comforted and safe when the world outside can be tough and complicated. When you are faced with a foreclosure, you don’t just worry about where you’re going to sleep, you are worried about where you and your family are going to be safe. Take a look at how a Chapter 13 bankruptcy has the ability to stop your home from being taken away from you.
Filing for bankruptcy has many advantages when trying to get back on your feet financially. One of the most notable benefits of bankruptcy is “automatic stay.”
Automatic stay goes into effect as soon as a bankruptcy case is filed. It puts a temporary end to all creditors and debt collectors for the duration of the bankruptcy proceedings and ends when the filing is over. Foreclosure, among other hardships, is immediately halted by automatic stay, and gives you the much-needed breathing room to finish the bankruptcy process.
How Chapter 13 Can Help
Through automatic stay, Chapter 13 bankruptcies provide the opportunity to save your home by immediately halting the foreclosure demands from your mortgage company.
Chapter 13 bankruptcies are made to help restructure your current payment plan to make fulfilling your obligations more affordable. Chapter 13 gives you the opportunity to catch up on your missed payments over the span of three to five years, allowing plenty of time to catch up.
With the absence of creditors threatening you directly over the status of your debts, you will have a trustee assigned to distribute your payments to your creditors. During the bankruptcy process, you will never need to directly interact with your creditors, to provide the best opportunity to focus solely on getting back on track.
Contact Our California Bankruptcy Team Today!
Dealing with debt is hard enough on its own, but having to protect your home from foreclosure by yourself can be a nightmare. We provide a compassionate and personalized approach, designed to do whatever is possible to get you back on your feet.our website or give us a call at (310) 846-8454