Stop foreclosure with a bankruptcy. Don’t let the bank dictate terms to you.

Foreclosure Process

If you fall behind on payments to the bank, you may find that you are being sued in foreclosure.  Foreclosure is the process where the bank files a lawsuit against you in state court to repossess your home.  Many times people don’t even know they are getting sued and only find out when a foreclosure sale date has been set by the sheriff’s office.

Stop Foreclosure with Bankruptcy

Even if you are being foreclosed against, you may still stop the foreclosure with bankruptcy.  There are two different types of bankruptcy that one may use to stop a foreclosure.  Which bankruptcy you choose will be based largely on whether you want to save the home OR or surrender the home and not be liable for the mortgage debt.

Chapter 7 Bankruptcy to Surrender Home

You choose Chapter 7 Bankruptcy to surrender your home.  Chapter 7 Bankruptcy allows you to temporarily stop the foreclosure sale thereby giving you time to get moved out.  Chapter 7 Bankruptcy also allows you to eliminate your personal liability for the mortgage debt.  This is important because you do not want the bank coming after you for debt on a house that you don’t even live in anymore.

Chapter 13 Bankruptcy to Save Home

You choose Chapter 13 Bankruptcy to save your home.  Chapter 13 Bankruptcy allows you to stop the foreclosure sale altogether.  Then, the Chapter 13 Bankruptcy Court allows you to take the amount you are behind on your house and get it caught up over the course of 3 to 5 years.  Finally, once you are finished with your bankruptcy, you are current on the home and no longer in fear of foreclosure.

Act Now

If you are the victim of foreclosure, you may need to consider bankruptcy.  You may stop foreclosure with bankruptcy.  Foreclosure is a serious matter that can have long-lasting effects on your credit and ability to buy a home in the future.  Whether you want to save your home or surrender it, The Law Offices of Dax J. Miller, LLC may be able to help.  Contact us today for a free phone or in-office consultation.