Leavengood, Dauval & Boyle, P.A. Articles Can Bankruptcy Stop Foreclosure?

Can Bankruptcy Stop Foreclosure?

By Leavengood, Dauval & Boyle, P.A.  Nov. 5, 2010 3:57p

What Impact Will Bankruptcy Have on Foreclosure?

Determining whether bankruptcy can stop the foreclosure of your home is an important issue to consider if you are thinking about filing for bankruptcy. An experienced attorney can help you make the right choice for your particular financial situation. Depending on what Chapter you seek protection under and the particular goals you have in regard to your home, this may affect you in different ways.

Whether you file under Chapter 7 or Chapter 13, an automatic stay will be placed on foreclosure proceedings. If you are filing under Chapter 7, this may buy you time to determine what you want to do with your home. You may wish to complete a short sale or deed in lieu in order to prevent foreclosure. Filing under Chapter 13 is typically the best option to save your home. After the automatic stay is placed on the foreclosure suit, you may be able to work your past due mortgage payments into your proposed repayment plan. You may be able to take this time to complete a loan modification to alter the terms of your loan. If you do not want to keep your home but would like to avoid foreclosure nonetheless, you may be able to complete a short sale or deed in lieu.

The important issue here is that you will have options. When you file for bankruptcy, you will finally experience relief from continual debt collection efforts and lawsuits, and this includes foreclosure. This will give you time to determine what to do - or if you file under Chapter 13, you can include your past due payments in your repayment plan and keep your home.

It is important to discuss your particular situation with an attorney to see how you can save your home. For a free, confidential consultation, contact a Florida Bankruptcy Attorney at Leavengood, Dauval & Boyle, P.A. today.

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