Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
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A Chapter 13 Bankruptcy would immediately stop a foreclosure provided the bankruptcy petition is filed prior to the foreclosure saleA Chapter 13 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.
can a chapter 13 be filed if a forclosure is in action if I am not granted my modification. I will recieve an answer for this in 6-8 weeks Granted or Forclosure Has been filed in the courts and is pending
Sorry my answer was not clear to you. Yes a Chapter 13 Bankruptcy would immediately stop a foreclosure that is in action provided the bankruptcy petition is filed prior to the foreclosure sale
The chapter 13 immediately stops the foreclosure sale from occurring and allow the borrower to make payments over a five-year period
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I am going to move this question out of chat as I am not sure you are receiving my posts