Using Chapter 7 Bankruptcy to Stop Foreclosure
Many people spend their whole life saving money to buy a home, and the threat of losing it is terrifying. At the Moller Law Group, we help clients throughout Colorado Springs and Teller County use bankruptcy to stop foreclosure proceedings. Once the bankruptcy petition is filed, all foreclosure actions must stop immediately. This does not solve the problem permanently, but it gives you time to figure out what to do next.
When you contact our firm, we will work closely with you to determine the most appropriate plan of action. In some cases, filing bankruptcy gives people access to the funds they need to pay their mortgage. For some people, preparing for bankruptcy helps them realize they cannot afford to stay in their house. Whatever you decide, we can help you stop the foreclosure proceedings and determine your next steps. Contact us online or call 719-694-1284 to schedule your appointment with our lawyer.
Using Time to Your Advantage
When you file bankruptcy, all collections efforts must stop. A stay is filed, and the creditor is prohibited from acting against the mortgage holder until they get the stay lifted; however, this buys you valuable time that you can use to your advantage. Eventually, the foreclosure proceedings will begin again, but it is quite possible that you will have been able to work out the arrears with the lender or you will have used the time afforded by the stay to live rent free for a few months until you can figure out your next move.
Filing bankruptcy may help you keep your house. Schedule your appointment with our attorney to learn more about the options you have.
