When you're facing foreclosure—and standing to lose your dream of home ownership—time is of the essence, and you need to gather legal resources that will get you through challenge ahead. That's where filing for bankruptcy can help, and the lawyers at The Gil Law Firm are there to help you do it.
Filing for chapter 13 bankruptcy is often an effective way to delay a foreclosure. According to nolo.com, when the process of bankruptcy is initiated, it results in an “automatic stay,” an order that stipulates that your creditors cease their collection efforts, effective immediately.
More specifically, if your home is pending foreclosure, an automatic stay will postpone the process for three to four months—which will buy you valuable time to work out payment plan arrangements.
In some cases, chapter 13 bankruptcy will even give you up to five years to repay what you owe, provided that you have the income to meet your current mortgage while you're paying off your debts. In fact, the process may even allow you to eliminate payments on your second and third mortgages altogether. The biggest benefit of filing is that it can provide you with the kind of second chance that you and your family need.
If your debt situation has come down to the wire—and bankruptcy is the only option left—it's best to let a knowledgeable attorney ensure that the doors to your financial future remain open. To find out more, contact The Gil Law Firm at (334) 673-0100 and start the process of making sure that the house you've worked so hard for remains your home.