Stop Mortgage Foreclosure
Chapter 13 bankruptcy is a valuable tool and possible option for those who are facing mortgage foreclosure. As soon as a Chapter 13 bankruptcy is filed, an “automatic stay” is placed upon foreclosure proceedings. This gives the debtor time to develop a repayment plan. If you are about to lose your home to foreclosure proceedings or you are facing foreclosure, now is the time to act. The longer you wait, the more risk you place on losing your home.
Contact Shaw Law Ltd., for immediate bankruptcy and foreclosure advice. Our Waukegan mortgage foreclosure attorneys have years of bankruptcy experience and can go over the details of your circumstances. Discuss whether Chapter 13 bankruptcy is right for you and schedule a free in-office consultation.
How to Save Your Home: Chapter 13 Bankruptcy
Essentially, Chapter 13 allows you to save your house and get caught up on missed payments that led you to foreclosure. Even if you are not yet facing foreclosure and have started missing monthly payments, you can still act now and prevent further financial distress. When the “automatic stay” is placed on foreclosure, you are given time to create a three to five-year repayment plan. Unsecured debt is placed into one monthly payment plan. A plan must be filed with the bankruptcy court within 15 days. The advantage of a Chapter 13 repayment plan is that unsecured debt can be reduced. However, if you default on a payment after this, the “automatic stay” may be lifted and your house can become subject to foreclosure again.
Chapter 13 is best for those who do not qualify for Chapter 7 bankruptcy and have some sort of steady income in order to make payments. Other Chapter 13 benefits include stopping creditor harassment and possibly car repossession. Chapter 13 can also provide a “lien stripping” option for second mortgages.
Contact Us for Experienced Illinois Chapter 13 Bankruptcy Lawyers
Start your road to financial freedom today and don’t wait any longer. For more information about how to save your home with Chapter 13 bankruptcy, call Shaw Law Ltd. in Waukegan, Illinois, at 847-244-4696. You can also contact us online. We offer free in-office initial consultations.