Avoiding Home Foreclosure
When you’re facing seemingly insurmountable debt and considering bankruptcy, you may be urged to file as quickly as possible to get the ball rolling. However, the truth of the matter is that bankruptcy requires a considerable amount of planning to properly utilize the process and ensure that you’re pursuing all of the options available to help you.
When it comes to housing in particular, it’s imperative that you understand everything you have at your disposal to protect your home in both Chapter 7 and Chapter 13 bankruptcy. Join The Cook Law Firm as we overview how you can avoid foreclosure when filing bankruptcy in Louisiana.
Our attorneys can:
- Represent you through your bankruptcy case
- Determine which chapter of bankruptcy you qualify for
- Apply applicable bankruptcy exemptions to your case
- Fill out and file bankruptcy paperwork with the court
- Provide helpful counsel all the way
- Help you navigate the process
Protect What Matters Most
The home is where the heart is, and we understand that the last thing anyone wants to experience is the foreclosure of their home. Fortunately, under both forms of personal bankruptcy, there are systems in place to protect your home from foreclosure.
So if you’ve been hesitant to look into bankruptcy because you’re worried that you’re going to lose your home, don’t be! Instead, know that with an experienced team like The Cook Law Firm, you can use bankruptcy to free yourself from debt while resting assured that you are taking every precaution to protect your property.
Chapter 13 Bankruptcy Is The Best Way To Protect Your Home From Foreclosure
When looking to protect your property during bankruptcy, Chapter 13 bankruptcy is your best option. That’s because under Chapter 13 bankruptcy, a payment plan is created to pay your creditors and resolve your debts. However, it’s important to note that Chapter 13 bankruptcy takes a considerable amount of time — three to five years on average.
In order to prevent foreclosure under Chapter 13 bankruptcy, you also need to meet certain criteria. As an aspect of your bankruptcy case, you’ll have to utilize a payment plan to meet the terms set by the court and to release yourself from debt. When it comes to your home, you’ll be expected to pay off late or unpaid payments (also known as the arrearage). If you make the required payments over the course of your repayment plan, your home will be safe from foreclosure.
While this is the case across the board when it comes to Chapter 13 bankruptcy, it’s important to note that not everyone will be eligible for Chapter 13 bankruptcy. Learn more about Chapter 13 bankruptcy in Louisiana.
Chapter 7 Bankruptcy And Home Foreclosure
With Chapter 7 bankruptcy, nonexempt assets are seized by the bankruptcy court before being liquidated and distributed amongst the creditors you’re indebted to. That said, you have the opportunity to protect your home from foreclosure under Chapter 7 bankruptcy.
In order to protect your home from foreclosure in Chapter 7 bankruptcy, you must be current on your mortgage payments. If you meet that criteria, you will then need to work with your mortgage provider to reaffirm your mortgage note. While it isn’t necessarily easy or for everyone, you can in fact protect your home during Chapter 7 bankruptcy. Learn more about Chapter 7.
Contact The Cook Law Firm Today
When you’re considering bankruptcy, the last thing you need is to worry about your home and other essential assets. Fortunately, in Louisiana, you have some of the top-rated bankruptcy attorneys available and ready to help. Contact us today to get started. Call 318-752-3733.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.