Use Bankruptcy to Stop Home Foreclosure
Are you behind on your mortgage payments and looking for a solution?
Has your home mortgage been accelerated or are you already facing foreclosure?
Even if you have already received a foreclosure notice, you may be able to use Chapter 13 bankruptcy as a legal means to stop foreclosure proceedings and keep your home.
More Information About Bankruptcy
It is important to understand the difference between Chapter 13 bankruptcy — which is a debt consolidation plan — and Chapter 7 bankruptcy, which is a debt liquidation plan.
Additional general information about the bankruptcy process is available on the following pages of our Web site:
- Bankruptcy Information Center
- Bankruptcy Overview
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- What To Do Before Filing Bankruptcy
- Life After Bankruptcy
- Bankruptcy Myths
How Can Chapter 13 Bankruptcy Help You Stop Foreclosure?
One major advantage of Chapter 13 bankruptcy is that your creditors — including your mortgage company — must accept the court's repayment schedule.
Outside of the formal process of bankruptcy, the law does not require your mortgage company to agree to different repayment terms to help you keep your house out of foreclosure.
Outside of Chapter 13 bankruptcy, your mortgage company may require you to pay a huge sum of money to bring your mortgage current once you have fallen behind. This is legal outside of bankruptcy proceedings. Once you are in bankruptcy, however, you will not have to pay a huge sum of money to keep your home.
You will, however, need to show the court that you have the financial ability to make ongoing regular mortgage payments — though they may be lower payments than they were before you filed bankruptcy.
When Should I File Chapter 13 Bankruptcy to Stop Foreclosure?
It is a good idea to get legal advice as soon as you start to fall behind on your mortgage payments — or even sooner, if you can predict upcoming financial trouble.
But when is it too late to use Chapter 13 bankruptcy to keep your home? You need to file bankruptcy before the foreclosure date or the sheriff's sale. After that, it's too late.
If you organize your financial records, we may be able to successfully file a bankruptcy petition and keep your home out of foreclosure within three days of the foreclosure date.
But don't wait and worry — call us today and make a stand to keep your home.
Get Bankruptcy and Foreclosure Advice
From a Lawyer With More Than 30 Years' Experience
The Law Office of Charles Rich is led by attorney Charles Rich, who has practiced bankruptcy law in the Memphis area for more than 30 years. Mr. Rich has guided thousands of clients through the bankruptcy process. He personally handles every stage of each client's case with the efficiency that comes from decades of experience.
For a free and confidential consultation with an experienced bankruptcy lawyer, contact our office. We will answer your questions and discuss your options in a comfortable and respectful setting.
To schedule an appointment, call 901-323-0890 or send us an e-mail.
Complete our bankruptcy case evaluation form.