How Do I Stop Foreclosure in Roseville?
A Roseville bankruptcy attorney lets you know how to stop foreclosure in Roseville...
Myth: Stop Foreclosure and Don’t Pay Mortgage
“If I file for bankruptcy to stop foreclosure, I will get to keep my house without paying a dime. “ As ideal as that sounds for every homeowner, bankruptcy does not wipe out all of your mortgage obligations.
Fact: The Automatic Stay Will Stop Foreclosure
Yes, it is true. The automatic stay will stop foreclosure temporarily. The moment you file for bankruptcy, an “Automatic Stay” is placed on all of your property. That means, no creditor can collect from you once you have asked the court for bankruptcy relief. The automatic stay takes affect the moment you file for bankruptcy, whether you file for a Chapter 7 or a Chapter 13 bankruptcy. Generally, however, the automatic stay will be lifted about a month later when the bank files a Motion for Relief from stay. So, if you are filing for a Chapter 7 bankruptcy, you will still have to make the payment that the bank is asking for in order to keep your home at that point.
Filing for bankruptcy is an excellent option if you are drowning in debt, facing foreclosure tomorrow, and believe that within a month you will be able to raise the money needed to pull your home out of foreclosure.
How does Chapter 7 Bankruptcy Stop Foreclosure?
Again, the moment you file for Chapter 7 bankruptcy, you will immediately stop a foreclosure. In order to keep your home permanently, you will have to pay the bank the amount of money that the bank is asking for to pull your home out of foreclosure whenever the automatic stay is lifted.
How does Chapter 13 Bankruptcy Stop Foreclosure?
Just like with the Chapter 7 bankruptcy, the automatic stay will immediately stop foreclosure. The beauty of a Chapter 13 bankruptcy is that it allows you to keep your property so long as you can show that you will pay any mortgage delinquencies over the life of your plan. There are other factors to consider when filing for Chapter 13 bankruptcy, so be sure to talk to your attorney regarding how Bankruptcy can help you.
If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!
