Yes, bankruptcy will stop foreclosure. Of all the methods people pitch, bankruptcy is the only one that is guaranteed to work. The reason bankruptcy is so effective in stopping a foreclosure is because of the "Automatic Stay," which says that all collection activity on all of your debts is automatically stopped (or "stayed") the minute ...
Category Archives: Foreclosure
Are You In Foreclosure?
If you have recently been served with written notices in a foreclosure action, your lender has commenced the process to "redeem its collateral." Typically, a foreclosure proceeding takes 20-30 days to complete from the time that you receive a notice. Therefore, it is important to act quickly. Every day that goes by brings you ...
Automatic Stay Created When Filing Bankruptcy
The automatic stay is one of the most important aspects of the bankruptcy law. Once a petition for bankruptcy is filed by a debtor, the automatic stay is immediately in place. This means all collection activity must stop, and a creditor may be punished for ANY collection activity that occurs, even if they did ...
Making Your Chapter 13 Payments to the Bankruptcy Trustee
In a Chapter 13 bankruptcy, you'll make payments to the bankruptcy Trustee. These are the payments that the Trustee divides up and forwards to your creditors and it keeps you from having to make separate payments on any debts that are included in your Chapter 13 Plan (although you do separately pay whatever debts are ...