If you have a property and you get behind on your mortgage payments, a lender may take steps to foreclose, which means he will enforce the terms of the loan by selling the house at a public auction to satisfy the debt owed, plus interest costs and attorney's fees from the sales proceeds at the auction.

Filing for bankruptcy may help you keep your home or, if that’s not in the cards, at least get you out from under your mortgage, free of any liability for debt write offs. Sometimes, the only thing achieved is the delay of the foreclosure process, until it is determined that you will not qualify for bankruptcy.   The indirect result is that, this may help you save some money to deal with the aftermath of your bankruptcy case. When you file bankruptcy, however, the foreclosure process comes to a temporary halt (called the “automatic stay”) and remains that way until your bankruptcy case comes to an end or the lender obtains court permission to proceed (called “lifting the stay”).

Whether you want to keep or not your property depends upon the type of bankruptcy you file, and your own financial ability.

Chapter 7 bankruptcy typically lasts for only a few months from beginning to end—after which the foreclosure can then resume. And, if the court grants the lender permission to continue the foreclosure while your bankruptcy case is pending, you have even less time. You will get rid of credit cards and medical debts, your mortgage debt and exempt you from tax liability for the loss incurred by the lender in the foreclosure sale.

If you are aware that your lender will proceed with a foreclosure, contact attorney Jorge L. Gonzalez. He will help you figure out the best alternative for yourself and your family.


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