Stop Mortgage Foreclosure, Sheriff Sales and Real Estate Tax Upset/Judicial Sales
A significant benefit of Chapter 13 bankruptcy is the ability to save your home and to Stop Sheriff Sales, Real Estate Tax Sales (Tax Upset Sales and Judicial Sales) and Mortgage Foreclosure Proceedings.
By proposing a repayment plan that includes mortgage arrears, individuals can halt foreclosure and make up the missed payments over time. In some cases, it is even possible to “Strip Off” a Mortgage.
Because the Automatic Stay is immediately imposed, sheriff sales, mortgage foreclosure proceedings, real estate tax upset sales are stopped. This stay creates an opportunity for homeowners to keep their homes and get their finances back on track.
Restructure Your Debt
Chapter 13 bankruptcy offers several advantages for individuals who have a regular source of income and want to reorganize their debts. It provides an opportunity to create a manageable repayment plan and to consolidate their debts and make affordable monthly payments over a period of 3 to 5 years. While in this repayment plan, you are protected by the Automatic Stay and can’t be sued and creditors aren’t allowed to contact you.
Chapter 13 bankruptcy also offers the opportunity to Restructure Vehicle Loans, “Cram Down" Secured Debt and to resolve other types of debt, such as Tax Debts, Joint Debts and Student Loans. While these debts are generally not dischargeable in Chapter 7, Chapter 13 allows individuals to include them in the repayment plan and potentially reduce or restructure the payments. This provides significant relief and a path towards resolving these burdensome obligations.
