Bankruptcy can stop foreclosure

You may have heard that Bankruptcy can stop foreclosure. How does this work and how can it help you and your family? Typically our clients come to us because they are unable to pay their bills. This can happen for any number of reason, illness in family, unable to work, laid off their job, etc. Whatever the reason they may be unable to pay their bills and are harassed by creditors and could even be threatened with foreclosure.

Filling Bankruptcy in Maryland will actually immediately freeze the foreclosure process and the courts will even order the creditors to stop calling you. This freezing period is typically for 2 or 3 months. Using this valuable time you may be able to sell your home with a real estate agent. Selling your home with a real estate agent will typically bring you a much higher amount than being forced to sell at a foreclosure option.

Do you owe a 2nd or 3rd mortgage? Filing for Chapter 13 Bankruptcy can actually help you eliminate unsecured mortgage debt in Maryland. This means if you owe $400 a month for a 2nd and 3rd mortgage you may have that debt totally eliminated. This means you may be able to afford to keep your house.

Bankruptcy isn't right for everyone and there are limitations and restrictions. Speak to our experienced Maryland Bankruptcy lawyers today to find out if Bankruptcy is right for you.