Many homeowners approaching a St. Louis Chapter 13 bankruptcy attorney worry that they will lose their home if they file for bankruptcy. In actuality, Chapter 13 bankruptcy can provide a way for people to stay in their homes while making payments more affordable. If you are facing a foreclosure because you are more than 90 days behind on your mortgage, a bankruptcy lawyer can help you right away.
Benefits Provided by a St. Louis Chapter 13 Bankruptcy Attorney
If a St. Louis Chapter 13 bankruptcy attorney decides that this bankruptcy can help a homeowner, this homeowner will receive the following benefits:
- An immediate stay on any foreclosure proceedings
- Potentially stripping away second and third mortgages
- Offer a chance at mortgage modifications
In Chapter 13 bankruptcy, a person will submit a repayment plan that typically lasts 3-5 years. During that period, a person may be able to catch up on past due mortgage payments while repaying other creditors. If your home is currently under water, the lawyer and the mortgage holder may be able to work out a modification that brings a mortgage down closer to the true value of the home.
Whether or not you will be able to work out an arrangement to stay in your home permanently depends on your given circumstances. If you are facing foreclosure, contacting a St. Louis Chapter 13 bankruptcy attorney will, at the very least, buy you more time to allow you to stay in your home if only temporarily.
The lawyers at The Westbrook Law Group understand that well-meaning, responsible people can fall into debt problems. We also understand that it can be possible for a person to suddenly find themselves in an unmanageable amount of debt based on circumstances beyond their control. In order to get a fresh start and relieve the stress debt can bring, contact a St. Louis Chapter 13 bankruptcy attorney to learn how to get your life back.