If I am worried about foreclosure on my home, is bankruptcy the best option for me? - Bankruptcy Law Questions and Answers- LawQA.com

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If I am worried about foreclosure on my home, is bankruptcy the best option for me?

My home is at risk of foreclosure and I want to do everything i can to fix this. I am considering filing for bankruptcy, but I am not sure if this is the right away to go about it. Do I have other options?

Answer By Kevin Heupel
Heupel Law
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Bankruptcy could be a good option, but it depends on how many mortgages are on the property and if you have other debts. Without knowing more about your debts, income, and the home, it is difficult to state whether you should file bankruptcy. Our office provides free consultations to see if bankruptcy or another option is available so call us today.

Answer Applies to: Colorado
Replied: 8/10/2011

Mercado & Hartung, PLLC
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the Bankruptcy will restrain the sale, you need to talk to a local BK attorney to see if that's your best option

Answer Applies to: Washington
Replied: 8/10/2011

Answer By Mark Alonso
Financial Relief Law Center
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Filing for ch. 13 bankruptcy may be a good option for you to consider, in order to save your home from foreclosure. This is a good option for homeowners who are past due on their mortgage payments and need help getting caught up. This is often a good move for homeowners who are in an affordable mortgage payment, but fell behind due to a temporary hardship and need help to get current. The thing to remember with ch. 13's it that if your mortgage payment was not affordable to begin with, or is no longer affordable to you, then the ch. 13 bankruptcy is not going to change your mortgage payment, loan type or terms-it is only going to place the mortgage arrearages, plus any other unsecured debt you have, into a payment plan over about 5 years. The good thing about a chapter 13 bankruptcy is that it does have the ability to lien strip an unsecured second mortgage. Therefore, if you have more than one mortgage, this may be something you should consider. If on the other hand you only have one mortgage and/or your mortgage payment was not affordable to you, you ,may want to try for a loan workout or modification to see if you can qualify for a hardship program. I would recommend that you speak with an attorney, at least during an initial consult, to have that person review your specific situation and discuss your best course of action for you to take.

Answer Applies to: California
Replied: 8/1/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Chapter 13 will allow you to catch up and prevent foreclosure. You need to be able to make the payment each month and the catch up payment. If you have a second mortgage you might be able to strip it off.

Answer Applies to: California
Replied: 7/31/2011

Answer By Alan D. Walton
Breckenridge and Walton
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Unless you can make your home payments and then some to make up the arrears over 3 to 5 years, bankruptcy can only dely the inevitable. Talk to a bankruptcy attorney about your options.

Answer Applies to: Michigan
Replied: 7/31/2011

Answer By Eric Benzer
Eric J. Benzer, Attorney at Law
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Yes

Answer Applies to: Maryland
Replied: 7/29/2011

Judith A. Runyon, Esq. Attorney at Law
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Talk to a bankruptcy attorney

Answer Applies to: California
Replied: 7/29/2011

Law Offices of Alexzander C. J. Adams, P.C.
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A Chapter 13 bankruptcy can help you keep your home if you fell behind on payments and can make "catch up" payments to your mortgage holder. It is a way to keep your home if your financial position will be able to support a plan payment.

Answer Applies to: Oregon
Replied: 7/29/2011

Greifendorff Law Office
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All such issues are driven by the particular facts of each case. We don't know what you mean by "risk of foreclosure" for example. You should make an appointment with local bankruptcy counsel to discuss options in light of the facts of your particular situation. That much said, of course you have options. The question is are they acceptable options, and only an analysis of the facts will answer that question.

Answer Applies to: California
Replied: 7/29/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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When you have difficulty in paying your mortgage, you should first consider applying for a Mortage Modification with your lender. To find out if you qualify for modification call the ColoradoForeclosureHotline.org 1-800-601-HOPE. Your next option may be a chapter 13 bankruptcy. Both options depend on your ability to make a meaningful mortage payment in the future.

Answer Applies to: Colorado
Replied: 7/29/2011

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