Losing a home to foreclosure can be a stressful occurrence. When a person can no longer make payments on the home for whatever reason the result is a bank foreclosure. The bank can then take and sell the home unless the homeowner takes some action to stop the foreclosure.
The first question people normally ask is "what should I do if I'm facing foreclosure?" If refinancing is not an option and the payments cannot be brought up to date the homeowner should consider a Chapter 13 bankruptcy. Chapter 13 can save the home from foreclosure by consolidating the arrears into a manageable Chapter 13 plan payment. The Chapter 13 plan can last from three to five years depending on a person's individual circumstances.
Through bankruptcy a homeowner is able to eliminate other debt that can help them afford their mortgage again. A homeowner may have had a job loss and temporarily could not make payments. Bankruptcy can help that homeowner get back on track with their finances and save their home from being sold.
A qualified bankruptcy attorney is needed to evaluate the situation and determine if proceeding with bankruptcy will be beneficial to the homeowner. If you are asking what should I do in a home foreclosure? You may want to contact a bankruptcy attorney to discuss the options.
If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.