If you are facing foreclosure due to missed mortgage payments, don’t panic. There are ways to keep your house, from negotiating a loan modification to entering a forbearance agreement. One of the most certain ways to keep the roof over your head is to file for Chapter 13 bankruptcy. This will not only help you keep the home but also allow you to regain your financial footing overall.

What Chapter 13 Bankruptcy Accomplishes

When you file for bankruptcy, the courts issue an automatic stay that prevents creditors from hassling you or undertaking any sort of collection activities. That includes a foreclosure. Any auction will have to be postponed at least while the bankruptcy proceedings are pending.

Further, a Chapter 13 filing allows you to pay off unpaid debts over a repayment plan spanning a period of five years. If you have a steady income and can afford to meet your current mortgage payments, plus pay off the debts in this timeframe, you’ll keep your home.

If you have multiple mortgages, you may be able to have some of these debts categorized as unsecured under Chapter 13 bankruptcy. Since this type of debt takes the least priority, you may not have to pay it back at all.

How an Attorney Can Help

Filing for bankruptcy is complicated, and you don’t want to make any mistakes with the documentation—especially when facing time pressure, like a potential foreclosure. Trust a bankruptcy attorney to file your paperwork and avoid setbacks. 

After filing for bankruptcy, all debtors must attend a mandatory hearing. Your lawyer can advise you on what to expect and represent you in these sessions. Let them handle the logistics while you focus on building a more secure financial future. 

For help in the Stuttgart, AR, area, trust Bueker Law Firm. Attorney Jeremy Bueker spent much of his career at one of the largest bankruptcy firms in the state before striking out on his own. He brings 16 years of experience to the table. His commitment to his career is characterized by a genuine desire to help his clients earn the second chance they deserve. Learn more about his Chapter 13 bankruptcy experience online. For an appointment, call (870) 673-1313.