Let Us Help You Stop Foreclosure In Its Tracks
One of the biggest threats facing individuals with significant debt is the possibility of losing their homes. Foreclosure is more common than most people realize. However, there may be ways to effectively stop the process and protect your house.
At Mahaffey & Associates, Attorneys & Counselors at Law, we help people file for bankruptcy and explore ways to avoid losing their homes to foreclosure. Options vary from person to person, so it is advisable to speak with a lawyer to find out specifically how to stop home foreclosure through bankruptcy in your situation.
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 for Chapter 13 bankruptcy. Talk with a lawyer from our firm to find out more about the process.
- Chapter 7 liquidation bankruptcy – This type of bankruptcy is often utilized to delay the foreclosure process. Once an individual files for Chapter 7 bankruptcy, foreclosure is temporarily stopped. In that time, the debtor can identify potential ways to avoid foreclosure altogether. Talk with a bankruptcy attorney for more information.
There are pros and cons to any option you choose, so it is important to have all the information you need to make the best possible decision for you and your family. We are here to help at every step of the process.
Talk With 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 with you at our convenient location in Sylvania, Ohio. Contact us online or call at 419-741-0111.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.