If you've recently been served with a foreclosure notice, you’ll want to do whatever is necessary to hang onto your home. As any foreclosure attorney will tell you, one option many people explore is the possibility of filing for bankruptcy. For the right homeowner, Chapter 13 can offer a way to keep your home while still reaping the benefits of bankruptcy, which is detailed in the guide below.

Factors Affecting Chapter 13 & Foreclosure

Whenever an individual files for bankruptcy, the courts issue an automatic stay on any foreclosures currently in process against the debtor. This stay is only temporary, but for certain Chapter 13 filers, it can be permanent.

Chapter 13 restructures one's debts into a long-term repayment plan. It is better suited to those who have a steady income, or, at the very least, some additional money to put toward repaying their debts every month. If a filer has sufficient resources to both repay their debts and keep up on monthly mortgage payments, they will likely be able to keep their home.

How a Foreclosure Attorney Can Help

This is complex legal and financial terrain to navigate on your own. A foreclosure attorney will protect your rights and ensure you understand your roles and responsibilities in a Chapter 13 filing. They will represent you in all aspects of foreclosure and bankruptcy, from completing and filing the appropriate paperwork to communicating and negotiating with lenders.

Enjoy peace of mind when you hire a skilled foreclosure attorney. Whether you're considering Chapter 13 or Chapter 7 bankruptcy, Greg Dunn, Bankruptcy and Debt Relief Attorney, is here to help. Since 1996, he has been helping residents of Honolulu and all of Hawaii find lasting debt relief solutions. Call (808) 524-4529 or visit him online to schedule a free initial consultation today.