If you have fallen behind on your bills, you may be facing either a foreclosure on your home or the repossession of your personal property. Bankruptcy can help either delay or stop any collection activity, and may be able to help you keep your home. Facing the loss of your home or property can be a huge cause of anxiety, and by speaking to the experts at HS&A, P.C. can help you stop foreclosure or loss of property quickly.
The automatic stay is an injunction that is automatically issued when an individual files for bankruptcy. It prohibits creditors from engaging in the following types of collection activity:
Filing bankruptcy will stop any sale date set for your home in the case of a foreclosure, and will also prevent your creditors from initiating a foreclosure proceeding in the future provided you comply with your plan. A Chapter 13 bankruptcy will restructure your debt to the creditor in such a way that it will allow you to pay the amount in arrears over a longer period of time, and to stay in your home during this period. A Chapter 7 bankruptcy will cancel any set sale date of your home by virtue of the automatic stay. Furthermore, if a foreclosure or repossession has taken place and you owe more to the bank than the amount the bank received, a Chapter 7 bankruptcy will discharge any debt that may be owed to the bank above what they receive from the sale of the property.
If you are in financial distress, ignoring the problem is not going to make it go away. By calling an experienced bankruptcy attorney at HS&A, P.C., you can maximize your chances of keeping your home, car, or other assets. Bankruptcy is designed to help people who have gotten in over their heads to get out from under the weight of crushing debt and have a fresh start. We are conveniently located and we have evening and weekend appointments available. To set up a free consultation, call us at (248) 600-4536 or through our online case evaluation.