Foreclosure and Bankruptcy
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"At the end of every seven years, every creditor shall make a release and not exact a debt from his neighbor; it is called the Lord's release." |
Avoid Foreclosure by Filing for Bankruptcy
Experienced Chapter 7 and Chapter 13 Protection in Southern Illinois
Across the United States over the past several years, the rate of foreclosure cases in state courts has increased dramatically. For families who have seen their monthly mortgage payments go up due to rising interest rates, are facing increased costs for other daily expenses, and are unable to refinance without enough equity in their homes, foreclosure may be a genuine threat.
At the law firm of Lathram & Herbert, LLP, in Collinsville, Illinois, and Bankruptcy Advocates in Carbondale, Illinois, we understand how important it is for you and your family to stay in your home and avoid the foreclosure process. While there are no guarantees that you will be able to hold onto your home in bankruptcy, many times, you can prevent a foreclosure from taking place and start making your regular monthly mortgage payments.
Saving Your House From Foreclosure
If you have fallen behind on your mortgage payments or if you are already facing a foreclosure proceeding, filing a Chapter 13 bankruptcy may be the best way for you to keep your home. By filing a Chapter 13 bankruptcy, an ''automatic stay'' is enacted, which stops all collection proceedings, including all pending or upcoming foreclosure proceedings and sales.
After filing your bankruptcy, you have to continue to make your monthly mortgage payments. You will also have to make a second monthly payment to a bankruptcy trustee in an amount that will catch you up with the monthly payments on which you are behind. It can take up to 60 months to make these payments. This method works best for individuals and families who have a regular source of income that they can count on to make regular payments under their repayment plan.
While this plan is not foolproof, and requires a firm commitment on the part of the debtor to make all payments, it does give people with mortgage loan debt a good chance of keeping their home.
Contact us today and let our attorneys provide the experienced bankruptcy protection that you need. Our lawyers at Lathram & Herbert, LLP, and Bankruptcy Advocates have over 36 years of combined experience and have helped many individuals and families keep their homes through the bankruptcy process. Call us toll free - Collinsville, Toll Free: 866-553-1981 Carbondale, Toll Free: 866-675-5067
