Evergreen Park Bankruptcy Attorneys on Foreclosure and Bankruptcy
Foreclosure is a much heard word in the news today, but its commonness does not make it any less tragic. With the loss of a home comes the loss of security, hope and future plans for an entire family. However, there may be some relief from foreclosure in filing either Chapter 13 or Chapter 7 bankruptcy with bankruptcy attorneys in Evergreen Park. In some situations, the primary residence of a family may be “exempted” from the bankruptcy process, but only if the debtor can show that once they are out of bankruptcy and free of the discharged debt, they will then be able to make the remaining payments in a timely manner.
In addition to the exempting of a home from bankruptcy, the automatic stay can stop any evictions or foreclosures, at least temporarily, once the bankruptcy petition is properly filed, and relieve the homeowner from harassing calls and letters. However powerful the automatic stay – it can stop many actions including debt collectors actions, harassment from creditors – it works only under certain conditions:
• The lender can’t obtain a motion to lift the stay – If your lender can convince the court that you are unable to retain your home – you are in arrears, you have no equity in your home and, even after the bankruptcy, your finances do not seem to allow to make the payments, then the court will very likely grant the motion to lift the stay and the foreclosure will continue.
• The foreclosure notice has not already been filed – Many states have laws that require lenders to give homeowners advance notice of a foreclosure, sometimes as long as three or four months. If, during those three or four months, you file for bankruptcy and the notice runs out before the bankruptcy is complete, the court will lift the stay and the foreclosure will proceed.
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