Although foreclosures are not as widespread as they were just a few years ago, far too many people today are losing their homes because they cannot afford to pay their mortgage. This can be tragic for a family with young children. The kids might have to change schools and lose all their longtime friends. The fact that they may have to move into a much more modest home could also be hard for the children. In some cases, there is a way to prevent Foreclosure in Lawrence KS so the family can keep their home.
Chapter 13 bankruptcy offers a solution to people who are having a hard time making their mortgage payments, yet they have a stable income. It’s important for anyone who wants to take advantage of this option to talk to an attorney as soon as possible. Bankruptcy is a process and it could take some time before the homeowner is able to get their case heard in court. By starting the paperwork early, a homeowner who wants to avoid losing their home may be able to stop the foreclosure and get their payments back on track.
Bankruptcy will not only help with Foreclosure in Lawrence KS but with other debts as well. People who file for Chapter 13 bankruptcy protection propose a payment plan that is affordable for them and acceptable to their creditors. If the plan is approved or amended and approved, the individual or couple makes one payment each month to the bankruptcy trustee. The trustee receives the money and pays the creditors based on a schedule. Bills are paid in this way for three to five years. While a person or couple is making payments according to their agreement, the creditors are not permitted to ask them for more money or even contact them regarding their accounts.
Experienced bankruptcy lawyers, like Joseph I. Wittman Attorney at Law, help people who are in danger of losing their home to foreclosure. Attorneys typically explain all the options and help clients make a decision based on their unique situation, so they have a better chance of having a favorable outcome.
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