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Can I avoid foreclosure by filing for bankruptcy?
Depending on the type that you file for, bankruptcy can either temporarily or permanently remove the risk of foreclosure. When you file for any type of bankruptcy protection, a legal protection known as the Automatic Stay goes into effect, which prevents creditors from foreclosing on your home, seizing your property, or otherwise trying to collect payment.
Chapter 7 bankruptcy provides only temporary protection through the Automatic Stay, while Chapter 13 allows you to draft a repayment plan and catch up on mortgage payments to eliminate the possibility of foreclosure altogether.
To learn more about alternatives to foreclosure and how a bankruptcy filing can help to protect your home, contact Somerset bankruptcy attorney Francisco G. Harrison, PLC, by calling 337-261-8800.