Bankruptcy Options for Saving Your Home
June 18, 2020
Ready to Assist with Repayment of Mortgage Arrears in Chapter 13
Clients who are worried about saving their homes have multiple options through bankruptcy. Any bankruptcy filing will provide for an automatic stay. This powerful provision of the bankruptcy code requires all foreclosure actions on a property to be temporarily stopped immediately upon filing the bankruptcy. In order to gain a better understanding of how bankruptcy can benefit you and assist you in saving your home from foreclosure, contact Leibowitz Law Group right away.
Chapter 13 Bankruptcy Repayment Plans
Unlike Chapter 7, a Chapter 13 bankruptcy allows debtors to pay back arrearages on their homes over a 36- to 60-month period of time. Should the debtor complete this repayment plan and stay current on the payments for home throughout the repayment period, then the debtor will be able to keep the home regardless of the bank's intentions to foreclose.
How Lien Stripping Can Help
As part of a Chapter 13 bankruptcy, a debtor may be able to strip off a second or third mortgage upon completion of the Chapter 13 plan. After you receive a discharge in a Chapter 13 bankruptcy, you will never have to pay on your second or third mortgage ever again if you are eligible for lien stripping. Lien stripping can potentially result in savings of hundreds of thousands of dollars. A qualified attorney at Leibowitz Law Group can determine whether you qualify for a lien strip.
Protect Your California Home Today
Your home is an investment in your future. In order to ensure that you do not lose your investment, it is important that you contact the Leibowitz Law Group. Our bankruptcy lawyers are committed to providing outstanding representation to our clients and we may be able to help you as well.
Take advantage of our bankruptcy experience by contacting our firm as soon as possible! You can get started by completing an online case evaluation form today.