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Can I Prevent Foreclosure Through Chapter 13 Bankruptcy?

Posted on in Bankruptcy

Ft. Lauderdale Chapter 13 AttorneyIf you have experienced financial difficulties and are struggling to pay the debts you owe while also covering your ongoing bills and expenses, it may seem like there is no end in sight to this situation. Extensive debts can be especially problematic if you are a homeowner, and if you have gotten behind on your mortgage payments, you may be facing the foreclosure of your home. However, it is important to understand that you have options that may allow you to avoid the loss of your home, including filing for bankruptcy. For many homeowners, Chapter 13 bankruptcy is the best option for debt relief, and by understanding how this process works, they can ensure that they will be able to continue to own their home.

Addressing Mortgage Payments and Other Debts in a Chapter 13 Bankruptcy

One of the key things to note about bankruptcy is that when a debtor files a bankruptcy petition, this will create an automatic stay that will require creditors to cease all collection activities. If a lender has initiated the foreclosure process, the automatic stay will put a stop to these actions, ensuring that a homeowner will not be forced out of their home. This can create “breathing room” for a debtor as they determine how to address their debts.

When a person files for Chapter 13 bankruptcy, they will propose a repayment plan in which they will pay off some of the debts they owe. This plan will last between three and five years, and once it is completed, any remaining unsecured debts that were included in the plan will be discharged, and the debtor will no longer be required to pay the amount owed.

Typically, a mortgage cannot be included in a Chapter 13 repayment plan, since this is a secured debt. If a person wishes to maintain ownership of their home, they will need to continue making mortgage payments. However, any missed mortgage payments and the applicable fees and penalties may be included in a Chapter 13 repayment plan, allowing the homeowner to become current on their mortgage by the time the repayment plan has been completed. 

A homeowner may also be able to “strip off” any second or third mortgages or debts owed through a home equity line of credit if they owe more on their first mortgage than their house is worth. These debts may be included in a repayment plan, and they will be discharged after the completion of the plan. 

Contact Our Ft. Lauderdale Chapter 13 Bankruptcy Attorney

While Chapter 13 bankruptcy can be a solution to outstanding debts, the process of filing for bankruptcy is complicated, and debtors will need to understand the requirements they must meet during their repayment plan. If you are concerned about the possibility of foreclosure, the Elliot Legal Group can help you understand your options for debt relief, and we will make sure you complete the steps of the bankruptcy process correctly. Contact our Oakland Park foreclosure defense lawyer today at 754-332-2101.


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