One of the biggest threats facing individuals with significant debt is the possibility of losing their home. Foreclosure is more common that most people realize. However, there may be ways to effectively stop the process and protect your house.
At Mahaffey & Associates, LLC, we help people file bankruptcy and explore ways to avoid losing their homes to foreclosure. Options vary from person to person, so it is advisable to speak to a lawyer to find out specifically how to stop home foreclosure through bankruptcy in your situation.
Call our law firm today to learn how we can help.
Can Bankruptcy Stop Foreclosure?
Bankruptcy can be an effective way to stop foreclosure. Find out how Chapter 13 and Chapter 7 bankruptcy can be utilized to stop or delay the foreclosure process:
- Chapter 13 bankruptcy — One of the main benefits of Chapter 13 bankruptcy is that it can stop the foreclosure process. In this type of bankruptcy, individuals repay a certain percentage of their debt through a repayment plan that is established by the Bankruptcy Court. Debtors can pay back the arrears on missed mortgage payments through the repayment plan that spans three or five years. Additionally, your mortgage payment may be reduced after filing Chapter 13 bankruptcy. Talk to a lawyer from our firm to find out more about the process.
- Chapter 7 bankruptcy — This type of bankruptcy is often utilized to delay the foreclosure process. Once an individual files Chapter 7 bankruptcy, foreclosure is temporarily stopped. In that time, the debtor can identify potential ways to avoid foreclosure altogether. Talk to a bankruptcy attorney for more information.
Talk To A Foreclosure Defense And Bankruptcy Attorney Today
Mahaffey & Associates offers a free phone consultation to answer your questions about stopping foreclosure through bankruptcy. We can then arrange to meet you at one of our three convenient locations in Toledo, Sylvania or Northwood, Ohio. Contact us online or call toll free at 888-422-6894.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.