Foreclosure Consumer Bankruptcy

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There are few things more frightening to a homeowner than the prospect of losing his or her home to foreclosure.


If you’ve fallen on hard times to the extent that you are behind on your home mortgage, there are ways in which filing a Chapter 7 or Chapter 13 bankruptcy can allow you to avoid foreclosure and stay in your home.

In Chapter 7 bankruptcy, much of your debt is discharged – meaning eliminated, gone for good. Although you’ll still have the mortgage obligation and you’ll still be in arrears, you won’t have your credit card, medical, and other discharged debts to worry about anymore. So you can use the money that you’d been paying toward those debts to get current on your mortgage.

Chapter 13 bankruptcy is known as reorganization. In reorganization, the amount of your mortgage that is in arrears is placed, along with your other outstanding debts, into a manageable payment plan. If you are able to continue making current mortgage payments as they become do, it’s possible that foreclosure could be averted.

In both types of bankruptcy, the automatic stay order issued by the court at the time of your filing prevents creditors from continuing collection activity against you. This includes foreclosure.

There is a very good chance that bankruptcy will allow you to avoid foreclosure and keep your home. Call us.

Fill out the form below or call us at 646-326-9971 for a free in-office consultation.

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Bradley R. Bailyn, Esq. , Founder

Bailyn Law provides comprehensive legal and advisory services in the fields of bankruptcy and out-of-court debt workouts. We serve companies and individuals who wish to restructure their businesses or their finances to improve liquidity and increase profitability. We also advise creditors seeking to protect their legal rights and economic interests.

How can we help you?

Discover the advantages we bring you. No-cost initial consultation.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

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The Bailyn Law Firm, P.C

 

6301 Mill Lane
Brooklyn, NY 11234

 

One Rockefeller Plaza, Tenth Floor
New York, NY 10020



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6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

THE BAILYN LAW FIRM, P.C.