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Can Chapter 13 Stop Foreclosure- Yes It Can

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Bankruptcy Attorne
Can Chapter 13 Stop Foreclosure- Yes It Can

There are many homeowners are facing foreclosure issues. If you want to stop your homes from being foreclosed, you can opt for Bankruptcy. However, most people ask Can chapter 13 stop foreclosure? The answer is yes. Different types of bankruptcy options are available for you, but Chapter 13 bankruptcy petitions are the best approach for you that can enable you to stop foreclosure for a limited time.


Chapter 13 will enable you to stop foreclosure on your home by an automatic stay. Once you file for this bankruptcy, it will come with an immediate effect. So your mortgage lenders cannot demand money or move against you about debts. It is temporary, but it will give time to find out a solution.


Chapter 13 allows debtors to pay back their mortgage arrears over 3 or 5 years without consequence. So if you are behind $20,000 on your mortgage a chapter 13 filing can stop all activity that is being taken by the bank to take your home and force the bank to give you up to 5 years to pay back the $20,000 through Chapter 13. A second or third mortgage can be completely wiped out in Chapter 13.


Most people are using this option as it can provide an opportunity to get your financial house by enabling you time when your creditors will not bother you. Thus you can pay your debtors and prevent foreclosure issues.


However, you must have a proper plan to pay your creditors, especially your house payments. You should also have a steady source of income. Now you have the answer to your question” Can chapter 13 stop foreclosure”? It will work in a timely fashion.


Different advantages of filing for Chapter 13 but if you are in New York City. You just need to hire a legal team that can help you with it. 

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