There are many reasons an individual may want to consider filing for bankruptcy. If you have fallen behind on your mortgage payments and are worried about losing your home to foreclosure, filing for Chapter 13 bankruptcy may be a viable way in which to catch up on past due mortgage payments and save your home. Chapter 13 is a type of bankruptcy that allows an individual to reorganize and consolidate his or her existing debt and formulate a payment plan to get the debt paid off within a 3-5 year time period.
One of the most enticing benefits of filing for Chapter 13 is that individuals who have fallen behind on mortgage payments will be given the opportunity to catch up without fear of losing their home to foreclosure. A skilled bankruptcy lawyer will also be able to explore the possibility of getting a second mortgage lien removed, providing that the home's total value is less than the amount owed on the first mortgage.
If you are wondering whether filing for Chapter 13 bankruptcy may be able to help you catch up on past due mortgage payments and assist you in getting other delinquent debts paid off, we recommend you discuss the option with an experienced Detroit bankruptcy lawyer before taking any affirmative action. With more than 25 years bankruptcy experience and having handled in excess of 10,000 bankruptcy filings, our lawyers have the knowledge and expertise to successfully guide you through the bankruptcy process. Without legal representation you could find yourself facing foreclosure, wage garnishments and other legal actions with no available recourse. Our lawyers are devoted to giving our clients the sound legal advice and aggressive representation they need to achieve the most positive outcome for their case. To find out if Chapter 13 bankruptcy may be right for you, contact the Law Offices of Marshall D. Schultz now.