Stop Mortgage Foreclosure

Filing for bankruptcy relief is one of the many things you may do to stop a foreclosure.  There are other things you can do, like a loan modification or a short sale or a deed in lieu of foreclosure.  However, none of these actions will immediately stop the foreclosure action like filing for bankruptcy relief will. 

The Automatic Stay is a congressional mandate that requires all of your creditors, including your mortgage company, to cease all collection efforts.  A chapter 13 bankruptcy will allow you to repay the missed mortgage payments over a period of time, while preventing your lender from taking your home away from you.

You may avoid foreclosure in Illinois by filing for chapter 13 relief.  The moment a Chapter 13 Petition is filed with the Bankruptcy Court, the foreclosure stops!  Even if the petition is filed minutes before the house goes to sale at auction, it will prevent the auction from taking place.

 If you have a regular income and have disposable income after paying for your everyday expenses and your secured debt, you may be eligible to file chapter 13.  If you do not have a regular stable monthly income, you may want to consider filing for bankruptcy relief under chapter 7. 

If you are eligible, our Illinois lawyers will help you in preparing a successful Chapter 13 plan that includes regular monthly payments to your mortgage company and the repayment of those mortgage payments in which you are behind.  The plan must be approved by the bankruptcy court and the U.S. Trustee’s office.  Typically speaking, payments must begin 30 days after filing for relief. 

Do you really need a bankruptcy attorney?  Yes, you do because the federal bankruptcy laws, rules and regulations are lengthy and confusing.  A simple mistake could cost you your house. Besides, your mortgage company has aggressive legal counsel on retainer to deal with just foreclosures.  You should have equally strong representation to help you navigate the maze of laws.  

Our bankruptcy attorneys at Kathryn L. Harry & Associates, P.C. will meet with you to discuss your options at an initial free consultation.   At that time, our bankruptcy lawyers will quote a flat fee to you and explain the payment plan options available to you. 

The prospect of losing a home to the bank is a frightening reality for many Americans these days.   Do not wait until it is too late to save your home.  Save money and time by seeking out bankruptcy advice to avoid foreclosure.  Companies promising you that they can rescue from foreclosure without filing for bankruptcy relief are not looking after your best interests.  Typically speaking, they are in the business of making money as a result of other’s misfortune.  Be wary of deals that sound too good to be true...they usually are.