Looking for a Foreclosure Attorney in St Charles?
If you have fallen behind on your bills, you may be facing either a foreclosure on your home or the repossession of your personal property. Fortunately, when you file bankruptcy you will receive what is known as an “automatic stay” which immediately stops all collection, including foreclosure, against you. This can help you stay in your home for as long as possible, get on your feet, and maybe even catch up on past-due bills. Facing the loss of your home or property can be a huge cause of anxiety so speak with a foreclosure lawyer at Westbrook Law Group today so we can help you stop foreclosure or loss of property.
How Can Bankruptcy Stop Your Home Foreclosure?
When you are facing a home foreclosure getting to stay in your home for as long as possible is understandably a top priority. Filing bankruptcy will stop any sale date set for your home in the case of a foreclosure, and will also prevent your creditors from initiating a foreclosure proceeding in the future provided you comply with your plan. A Chapter 13 bankruptcy will restructure your debt to the creditor in such a way that it will allow you to pay the amount in arrears over a longer period of time, and to stay in your home during this period. A Chapter 7 bankruptcy will cancel any set sale date of your home by virtue of the automatic stay.
Furthermore, if a foreclosure or repossession has taken place and you owe more to the bank than the amount the bank received, a Chapter 7 bankruptcy will discharge any debt that may be owed to the bank above what they receive from the sale of the property. If you have enough income to make up the past due bills during the length of your Chapter 13 bankruptcy (as long as 5 years) while making your current mortgage payments, you will be able to stay in your home and stop the foreclosure. We can discuss your particular situation to find if this is an option available to you.
For those who are too far behind and are not able to make up the late payments, the automatic stay can give you three or four months of living in the home to save up money and find a new place to live. By living mortgage free, you can save enough to get on your feet and find a new place to live. If creditors are harassing you and you are about to lose your home, contact a bankruptcy lawyer at The Westbrook Law Group. Together we can find the best solution to give you a fresh start, whether it is working to keep you in your home or finding a new place to live.
How Does an Automatic Stay Help Someone Facing Foreclosure?
Our expert foreclosure attorney can help you file for bankruptcy and receive an automatic stay which is an injunction that is automatically issued when an individual files for bankruptcy. The automatic stay can help you in the following ways:
- Pay off the arrearage (late payments) if possible while making current mortgage payments
- Allows you to save money for a new apartment or home while staying in your home mortgage-free
An automatic stay prohibits creditors from engaging in the following types of collection activity:
- Repossession of Property
- Phone calls
- Disconnection of Utilities
- Bank levies
- Wage garnishments
How Can a Foreclosure Lawyer Near You Help?
If you are in financial distress, ignoring the problem is not going to make it go away. By calling an experienced foreclosure attorney at Westbrook Law Group, you can maximize your chances of keeping your home, car, or other assets. Bankruptcy is designed to help people who have gotten in over their heads to get out from under the weight of crushing debt and have a fresh start. We are conveniently located nearby in St. Charles & Troy Missouri and we have evening and weekend appointments available. To set up a free consultation, call us at (636)-486-1122 or through our online case evaluation. “Extremely professional and caring. Gave super great direction so nothing would be missed resulting in efficiency. Did my research before choosing and glad I chose Westbrook!”
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February 1, 2021
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