Are you facing foreclosure? One of the options to stop the foreclosure on your home is the filing of bankruptcy. Upon filing for bankruptcy, there is usually an automatic stay that can stop the foreclosure sale. Lenders are compelled to wait until your bankruptcy is finished or file a motion for relief the automatic stay to proceed with the foreclosure. If you’re faced with a foreclosure you have two bankruptcy options:
In a Utah Chapter 7 Bankruptcy, you can stop your home foreclosure temporarily however lenders can file a motion for relief to eventually sell your house. If you’re only a few months behind you may benefit from a Chapter 7 Bankruptcy by eliminating all of your credit card debt and provide you time to be current on your mortgage.
A Chapter 13 Bankruptcy can permanently stop a foreclosure or trustee’s sale and is typically filed when you’ve fallen behind on your mortgage payments and need time to catch up on your arrears. You continue to pay your regular monthly mortgage(s) and also pay your arrears over a 3 – 5-year payment plan.
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088
Telephone: (801) 432-8682
Ryan E. Simpson