If you have fallen behind on your mortgage payments or are facing foreclosure, the bankruptcy laws can help you keep your home.  When your bankruptcy petition is filed, an automatic stay will go in effect and stop all foreclosure proceedings.  It will also stop any efforts by the bank to collect on those past due payments.  If you’re not facing foreclosure, but have fallen behind on your payments, the automatic stay will stop those collection efforts too.  This will provide you with the breathing room you need to assess your financial situation without the threat of losing your home.

By taking advantage of the repayment structure of a Chapter 13 Bankruptcy, you can generally spread out the past payments you owe on your mortgage over a 3 to 5 year period.  It will also greatly reduce your liability on any unsecured debts you have, including credit cards, medical bills or judgments.  Moreover, It may even be possible to eliminate a second or third mortgages on your home entirely.

If you have fallen behind on your mortgage payments and are struggling with debt, learn how bankruptcy can help. Contact us for a free consultation and speak with a San Francisco bankruptcy attorney at no cost.