How Can Chapter 13 Help?
A Chapter 13 bankruptcy filing can save your home by stopping foreclosure and giving you 3 to 5 years to catch-up your missed mortgage payments. As soon as your Chapter 13 is filed, the foreclosure proceeding must stop. (There are exceptions for repeat bankruptcy filers. Contact us for more information).
Eligible Chapter 13 filers may also apply for Mortgage Modification Mediation.
Is it Too Late to Save My Home?
Once the Court has confirmed a sheriff’s sale it is too late to save your home in bankruptcy. The foreclosure process starts with the filing of a summons and complaint. Generally you get 20 days from the date the Summons and Complaint are served on you to file an Answer to the Complaint. The deadline for filing your Answer will be found in the Summons. If you fail to Answer, the Mortgage lender will typically receive a default judgment shortly after the time period for answering expires. After judgment is entered, there is generally a period of redemption that must expire before your home can be sold by Sheriff’s sale. The period of redemption is commonly six months, but may be shorter or longer. The Complaint usually states the period of redemption. After the period of redemption expires, the home may be sold by Sheriff’s sale. Confirmation of the sale can occur no less than 5 business days after the Sheriff’s sale.
While a Chapter 13 filing can be prepared quickly in emergency situations, do not wait until the last minute. The sooner you take action the better.
This website does not create an attorney-client relationship. The information on this website does not constitute legal advice. You are urged to obtain the advice of an experienced bankruptcy attorney regarding your personal situation.