Can I Save My Home From Foreclosure In Bankruptcy?

Hi, this is Ike Shulman of Shulman Law Office. Yes, you can save your home from foreclosure in bankruptcyChapter 7 can only temporarily stop a foreclosure, and does not resolve the underlying problem of catching up on back payments. In a Chapter 7 case, home lenders can fairly quickly ask the court for permission to complete a foreclosure sale. But, when you file for Chapter 13 bankruptcy, you can keep the bankruptcy protection against foreclosure in place while you reorganize your mortgage debt and your other debts in a payment plan overseen by the court.

With Chapter 13, you will be able to stay in your own home while you pay your mortgage and handle other financial concerns. Depending on your home’s value and the debts owed against it, you might also be able to get rid of your second mortgage. Also, Chapter 13 can lessen the amount you have to repay on vehicle loans, credit card debts, medical bills, and outstanding taxes. If you have any questions about bankruptcy, contact me at 408-297-3333 or by email at ike@ikeshulmanlaw.com.