“I got sick, missed a lot of work, fell behind on my mortgage payment and now the Bank won’t work with me! They are saying I have to pay the full amount I am behind by next week or my house is going up for foreclosure.” Does this sound familiar to you? Many people have the misconception deeply seeded in their mind that Bankruptcy will mean you lose your house which couldn’t be farther from the truth. Naturally, assuming this would mean that someone facing foreclosure doesn’t even give bankruptcy a second thought because hey, they are already about to lose their house—why would they want to do something like file for Bankruptcy?  They would be surprised to find out that not only is it possible to keep your house in a bankruptcy but for some, it is exactly what they need to save it.

Those who file either a Chapter 7 or Chapter 13 are able to stop any pending foreclosures on their home—even those conducted by the county for back real estate taxes.  How long that “stop” lasts depends on a few things, however. A Chapter 7, for example, would only be a temporary solution if it is your goal to keep your home, long-term. Only Chapter 13 is meant to help you get caught up on your house payments.

At this time there is only one sure-fire way to keep your home and that is to get current on your mortgage payment and keep it current. Whether you file bankruptcy or not, you will eventually need to bring your loan current. Chances are that at this moment you don’t have the funds to get your mortgage brought current and therefore this will have an impact on which bankruptcy you need to file. You will need to contact an attorney at RS Law for a free consultation to get a definitive answer as to which path you should take. If you have received notice of a foreclosure sale, you will need to get in with an attorney immediately as time is no longer on your side.

Alternatively, clients occasionally want to get out from under their mortgage for a myriad of reasons: the house is too expensive;  or needs to many repairs; is too far away from a job, etc. So instead of saving their home they voluntarily let their house go back to the bank.

To find out if you are a good candidate for bankruptcy, call RS LAW today and what that means for you, your home, and your loved ones.