Halt Foreclosures
Filing bankruptcy stops a foreclosure case in it’s tracks and gives you time to assess your mortgage. A Chapter 13 bankruptcy might help you reorganize your mortgage arrears over a 3 or 5 year period. If you are moving on from your home, a bankruptcy can buy you more time to find a new place. Filing bankruptcy during your foreclosure may close the door on any negative tax implications for forgiveness of debt income. Filing bankruptcy during a foreclosure also relieves you of any personal liability for the note secured by your mortgage.


Comments are closed.