« Previous | Home | Next »
Posted On: October 20, 2010 by Scott Sagaria

How does Filing Bankruptcy Assist with Foreclosure?

A Sacramento bankruptcy attorney discusses how bankruptcy affects foreclosure.

Filing for bankruptcy invokes the automatic stay which is an injunction against all acts of collection. If your home is set for sale and bankruptcy is filed then the sale is an act of collection that must be stopped. A good practice is to fax a court stamped copy of your petition to notify the lender and foreclosure trustee that a bankruptcy was filed. Lenders will respect the automatic stay and no proceed with foreclosure.

Bankruptcy will likely give around 1-2 months before the home is subject to relief from automatic stay. These 1-2 months will allow for a home owner some time to make preparations for moving. The borrower can try to ask the lender for ‘cash for keys’ where money is given for moving expenses. Money for moving may deflate a borrower’s anger and prevent any damage to the property.

After the filing of bankruptcy, the lender will request the court to remove the property from protection of the automatic stay. The requirement for relief from stay is delinquency in payments. After relief from automatic stay the home is then set for sale.

A chapter 13 allows for the restructuring of debts per a proposed plan. Here a borrower can use Chapter 13 to cure the amount they are behind on while paying the ongoing home loan payment all while being protected by the automatic stay.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, discharging a debt, asset protection, etc. If you need help regarding a bankruptcy in Sacramento, call us at 916.792.6025 or 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Foreclosure

Bookmark and Share

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

« Previous | Home | Next »

Testimonials

"Sagaria Law went above and beyond...were respectful, determined and committed to our needs. They are easy to talk with, and they did more than just hold our hands through the process."
Rick C.

"I was truly in a state of confusion over possibly losing my house to the bank and going into debt to save it before I found an advertisement for Sagaria Law. I was impressed with their business and how I was treated. They took me through the whole process and I was never alone. They followed through and my debt was released. Thank you so very much, Sagaria Law."
Candace B.

"Sagaria Law Firm handled my case with such professionalism. Every step of the process was clearly explained and all of my questions were answered in a responsive manner, during a really scary time..."
Ross S.

Subscribe

Subscribe to the blogs's ATOM feed Subscribe to the RSS feed

Subscribe

Click for Free Bankruptcy Evaluation

Recent Entries

Legal Blogs

 
 
100% Money-Back Guarantee from Sagaria Law

If the courts do not accept your bankruptcy filing because of an error on our part, we will refund 100% of your money, including the filing fee!

At Sagaria Law, PC we want to guide you on the path to financial freedom and realize this is not an easy task for most. We respect your devotion to better your circumstances even with financial hardship and thus are willing to guarantee that if you retain us, we will do everything we can, legally and ethically, to help you become debt-free.

The Fine Print

The Sagaria law guarantee covers everything that a bankruptcy law firm produces in order to successfully complete a bankruptcy filing. We guarantee that it will be done in a manner that is accepted for filing with the bankruptcy clerk's office.

There may be reasons beyond our control that may cause a case to be dismissed. Therefore, the 100% Money-Back Guarantee does not guarantee;

  1. That you will receive a discharge.
  2. That you will receive a discharge of all debts or of any particular debt.
  3. That your case won't be dismissed for reasons not related to the paperwork being accepted for filing.
  4. That you, our client, will successfully complete all of your obligations including accurate disclosure of debts, completing your forms on time and attending your 341 meeting as scheduled.
  5. That you will not lose assets in chapter 7, or that creditors won't successfully argue for the repossession of collateral in chapter 13.
  6. That you will not encounter challenges of any kind to your bankruptcy case.

Take advantage of this offer. Get started now by completing your FREE online bankruptcy evaluation, accessible from our home page.

Click Here To Close This Window