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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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is bankruptcy a good thing and will it save my house from

Customer Question

is bankruptcy a good thing and will it save my house from forecloser/
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open and nonconfidential forum.

A Chapter 13 bankruptcy shall immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.

The Chapter 13 bankruptcy may also be used to strip away the 2nd mortgage if the first mortgage equals or exceeds the value of the property.

It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Customer: replied 6 years ago.
thank you for your ans. i did optain a lawery because my house is going into forecloser my lawyer suggested to sell my house howerver i owned this house for thirty years and i feel he is not giving all my options etc modification,bankruptcy to save my home. what is the plan of action?
Expert:  Ellen replied 6 years ago.
Thank you for your patience.

I suggest that you meet with local bankruptcy counsel to file a chapter 13 bankruptcy. It is important that the attorney that you meet with is a bankruptcy attorney and not a general practitioner