Bankruptcy Can Stop Foreclosure and Repossession
It is one thing to be short on cash. Losing your home, your car and everything important to you is a completely different matter. It is devastating and almost impossible to recover from. Fortunately, there are ways to protect your home from foreclosure and your property from repossession.
At the law firm of William C Babut PC, we help our clients keep the things that matter most to them — the things they need to live. Call our Michigan bankruptcy lawyers at (734) 485-7000 for a free consultation to learn how we can help you.
Stop Repossession, Keep Your Property
An automatic stay is put on repossession and property collection efforts after our attorneys assist a client in filing for bankruptcy. What this means is that your property cannot be seized by creditors. Filing bankruptcy backs creditors off completely.
By filing for Chapter 7 bankruptcy, a client gets to determine what property to get rid of and what to keep. If creditors are garnishing wages, that too will stop. Even if a client has already had property taken from him or her, it can be reclaimed in some situations. Most property is part of the bankruptcy estate and, thus, cannot be removed from the estate without permission of the trustee and court.
Stop Foreclosure, Keep Your Home
Trying to get caught up on a mortgage without Chapter 13 bankruptcy protection is nearly impossible and can lead to a bank foreclosing on the home. A bank will stop the foreclosure process only if payments are up to date and current.
People often file for bankruptcy to save their homes. If they are behind on their mortgage, filing a Chapter 13 bankruptcy permits them to reorganize their debts and prevent the home from being foreclosed on by giving them an opportunity to catch up over a three- to five-year period rather than having to pay it all right now.
If you owe more than your home’s value on your first mortgage, you may also be able to eliminate your second or third mortgage or equity line through a process called lien stripping in Chapter 13 bankruptcy proceedings.
Contact us to Protect Your Assets
If you face the possibility of losing all that is important to you due to foreclosure or repossession, consider filing for bankruptcy. We can help you understand foreclosure, Chapter 13 and repossession issues. Our lawyers at William C Babut PC, will fight for you to keep your property and stop foreclosure. Contact us by calling (734) 485-7000 or by sending an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.