We Can Help Save Your Home
The recent economic crisis has put a huge financial strain on many homeowners across Louisiana. If you are one of them, do not lose faith. You have worked hard for your home. You do not have to give it up and it is almost never too late to seek help. No matter what stage you are at in the foreclosure process, it is in your best interest to seek an experienced Louisiana bankruptcy lawyer who can provide effective bankruptcy representation.
Act Now To Stop Home Foreclosure
At the law firm of Simon Fitzgerald LLC, our practice is completely focused on bankruptcy. That is all we do and we do it well. If you are behind on mortgage payments and afraid of losing your house, we can file for bankruptcy and put an immediate stop to foreclosure. The filing of a Chapter 13 bankruptcy immediately stays all foreclosure proceedings.
In almost all cases, as soon as you file for bankruptcy an automatic stay is entered. Pending foreclosure and seizure actions stop, even if a sheriff’s sale has already been set. To protect your home, you will be required to pay the monthly mortgage payments that come due after filing.
- In Chapter 13 reorganization bankruptcy, your mortgage arrears may be repaid over a period of time as long as five years.
- In a Chapter 7 liquidation bankruptcy, if you want to keep your home, you would have to pay any arrears prior to filing. Chapter 7 does not provide a way to pay mortgage arrears over time.
How Chapter 13 Bankruptcy Stops Foreclosure
If you are behind on mortgage payments, a foreclosure suit has been filed or a sheriff’s sale has already been set, filing for Chapter 13 bankruptcy places an automatic stay on all creditors. Creditors also have to stop harassing you and must cease all demands for payment. The federal bankruptcy court is now protecting you.
In Chapter 13, you are allowed to pay any home mortgage arrearages over time. However, with Chapter 7, that is not an option and any past due payments have to be paid and the notes brought current. Once Chapter 13 bankruptcy is filed, you are able to restructure all unsecured loans (i.e. credit card debt, car loans, medical bills), which may end up helping you make your mortgage payments. The advantage of Chapter 13 over a Chapter 7 filing is that you are able to make a repayment plan that works for you, over a period as long as five years.
Free Initial Consultation With An Experienced Bankruptcy Attorney
Our experienced attorneys practice only in bankruptcy law. We will crunch the numbers and sit down with you to help you decide if you can realistically afford to keep your home. (If not, we can discuss your options to surrender or sell the property.) Call us at 318-550-4873 (Shreveport / Monroe), 318-598-4100 (Alexandria) or 337-205-0492 (Lafayette / Lake Charles) to set up your free initial consultation. In most cases, our legal fees are included in your Chapter 13 and are paid over time through your Chapter 13 Plan.