Stopping Foreclosure with Chapter 7 Bankruptcy

The automatic stay in Chapter 7 bankruptcy offers minimal protection from foreclosure. Court proceedings are postponed for a maximum of four months. With Chapter 7 cases, creditors have a fixed amount of time to object to the proposed discharge. If you wait after receiving the foreclosure notice, the sale can proceed quickly when the four-month stay expires. If you are current on your mortgage payments, you can usually keep your home while filing for Chapter 7 bankruptcy.

Stopping Foreclosure with Chapter 13 Bankruptcy

If you would like to keep your home, Chapter 13 bankruptcy gives you a chance to catch up on your obligations. Missed mortgage payments and other debts can be extended for the repayment term, which can be as long as five years. However, you must be able to cover your regular mortgage payments and other expenses during the process. If you have second and third mortgages with minimal remaining equity, it’s possible to restructure those debts while paying the arrears on your first mortgage. It’s more complex, but it can be done.

Preventing Foreclosure during Bankruptcy

Your lender can file a motion requesting that the court permit the foreclosure and subsequent sale. The good news is that Oklahoma uses a judicial foreclosure process. It takes more time and gives you a better opportunity to save your home. If you have already received a foreclosure notice, the document will tell you how long you have before the bank sells your home. Action must be taken quickly to stop the sale. Waiting will only make it easier for the bank to take your home.

If you are facing foreclosure and the possibility of losing your house, call me today at 405-216-0007. I offer free consultations. During the meeting, I will review your finances and see what it will take to help you keep your home.

how-do-i-start

Schedule your consultation TODAY.

  • This field is for validation purposes and should be left unchanged.

Latest Articles

Japanese auto parts maker, Takata, files bankruptcy

Japanese auto parts maker, Takata, filed bankruptcy in Japan and the United States. Takata is on the hook for billions of dollars to banks and automakers, which have been covering the replacement costs of tens...

Read More...

A Pet Leasing Company files bankruptcy

Bristlecone Holdings filed a chapter 11 bankruptcy in April in Nevada. The Reno, Nevada based financial technology company leases pets, wedding dresses, furniture and car parts. The company grew out of another company known as Wags, LLC,...

Read More...

Sears Canada files bankruptcy

Sears Canada filed for bankruptcy protection on Thursday. The company plans to close 44 of its 200-plus store locations. In addition, the company plans to layoff nearly 3,000 employees at the stores and its Toronto headquarters....

Read More...

Boris Becker declared bankrupt by British Court

Boris Becker was declared bankrupt by a British court on Wednesday after the former tennis player failed to pay a long-standing debt. The matter stems from a debt Becker has owed to private bankers Arbuthnot Latham...

Read More...