Stop Foreclosure Missouri 2018-05-03T19:53:37+00:00


A Bankruptcy forces the cancellation of any pending foreclosure sale.  Thanks to a popular family board game, many people believe bankruptcy is the reason people lose their homes. This is not accurate. Not only does bankruptcy often allow you to keep your home, but it can also save your home. Procedurally speaking, once a case is filed a Debtor is  immediately under the protection of an umbrella, or bubble, called the “Automatic  Stay.” This protection requires all creditors immediately end all attempts to collect a debt. This includes any upcoming foreclosure sales.  In addition to its legal purpose, the protective bubble has the added benefit of giving you time to breathe a sigh of relief.

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Of all the reasons anyone may want to file a bankruptcy, stopping a foreclosure is a common one. Especially since the housing crash of 2008. The crash changed the lives of millions and continues to affect many to this day.

There is a prevalent myth that you lose all your property once you file for bankruptcy. However, the complete opposite myth is almost as pervasive. This is the myth that you can keep your house and stop paying for it. It could not be further from the truth. In order to completely explain why this is incorrect, secured debts must first be explained.

The loan for your house is likely secured (or “attached”) to the property itself. You may have heard of it referred to as “collateral.”  This means that should you stop paying the loan back, the lender has a right to sell your house. This process is known as “foreclosure.” The loan being “attached” to your property itself is true, bankruptcy or not.  If you want to keep your home long-term, you must continue to pay the mortgage. Therefore, you must bring the mortgage payments current as soon as possible.

In Chapter 7, which is discussed in the article titled “Can I keep My House,” there is no system of repayment in place to help you do this.  A Chapter 13, on the other hand, requires a “plan” that helps you get caught up on your mortgage over three to five years.

If you are facing a foreclosure Contact RS Law today for your free consultation. Get ahead of this foreclosure as soon as possible. If you have already received your notice of foreclosure, you need to act now because time is of the essence!