Facing foreclosure is one of the most difficult experiences a person can face. When someone is threatened with the loss of their home, they will do just about anything to try to save it. Fortunately, the homeowner has options available under Chapter 13 to stop foreclosure and keep a person in the home. If you are facing foreclosure action and would like to learn your options, contact Westbrook Law Group right away.
In Chapter 13, a debtor gets to keep important assets (such as a home) while repaying their creditors. This can help a person who is in arrears on the home catch up on passed due payments. This is done while paying on a mortgage, helping a person catch up while living in the home as before. It can also strip a second or third lease, reducing a person’s monthly payments.
The payments in Chapter 13 are calculated using a person’s disposable income. The bankruptcy trustee will look at how much your monthly income is relative to the median income in Missouri. After deducting certain living expenses and other necessities, the debtor will make payments to the trustee who will then make payments to the trustee. A Chapter 13 lawyer can examine your situation and help you come with a repayment plan that allows you to make affordable payments to remain in your home.
At Westbrook Law Group, we know how stressful it can be to face foreclosure. We will do everything possible to keep you in your home and help you make monthly payments that you can afford. If you are behind on your mortgage or just face overwhelming debt that threatens your home, contact our office right away for a free consultation to learn your options.