When you are about to lose your home, you don't care about anything else. It consumes your every thought. The only way you will be able to relax is to get the foreclosure called off so you can go back to enjoying your home and your life. Well, as a last ditch effort there is a method available to stop foreclosure on your home.
Chapter thirteen bankruptcy offers a way to keep the mortgage company from foreclosing on your home. When you file, the foreclosure stops immediately until the bankruptcy process is completed. With this type of bankruptcy, you submit a plan to repay your debts. However, this plan is scrutinized by your creditors and must be accepted by a judge in order for the bankruptcy to proceed.
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The first step in filing for chapter thirteen is to attend credit counseling. This is required by the bankruptcy code. Only certain agencies are approved for this counseling, so be sure to consult with your bankruptcy attorney to make sure the agency you use will qualify. The agency may come up with a plan for you to pay back your debts. If so, you have to give a copy of the plan to the court when you file for bankruptcy.
Your repayment plan must be submitted to the court within fourteen days from the date you file your bankruptcy papers. Most likely, your lawyer will submit your paperwork for you and will do it all at the same time. Sometimes the plan will be filed later so that you can have an earlier filing date so you can get the foreclosure process stopped and give yourself a little more time to prepare the plan.
You will be required to attend a creditor's meeting, and all of the companies and people you owe money will have a chance to ask you questions. The purpose of this meeting is to give your creditors a chance to object if they do not feel you will be paying as much as you possibly could under the proposed plan.
After the creditor's meeting has been completed, your repayment plan will be reviewed by the court to make sure that it meets the requirements set forth in the bankruptcy code. It can take up to 45 days for approval, but you have to start making payments according to the terms of the agreement within 30 days.
The downside to using bankruptcy to avoid foreclosure is that sometimes it only postpones it, and then you end up with both a foreclosure and a bankruptcy on your credit. It is often difficult to stick to the repayment plan, and if you fail, you can still lose your home. But before you file chapter thirteen bankruptcy explore all possible options, talk to an experienced loan modification attorney first.
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