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Bankruptcy

Foreclosure and Bankruptcy

In some situations, filing for bankruptcy may be one of the alternatives.  If you are currently facing foreclosure or if you have already lost your home to foreclosure, we can help.

Chapter 7 Bankruptcy

Chapter 7 will not cancel the foreclosure, but will temporarily stay it until the bank will receive permission from the Bankruptcy Judge to continue the foreclosure proceeding, or “lift automatic stay”.  Chapter 7 will also release the borrower from any debt, including any potential tax liability or deficiency judgment.  In general, filing bankruptcy initiates an “automatic stay” that requires creditors to stop all collection actions, including banks that are in the process of foreclosing on your home.  Even if people do not intend to keep their homes, filing bankruptcy can give them extra time they need to find a new place and to move. This is especially true where a “Judgment of Foreclosure” has already been entered by the court and the homeowner is facing an auction sale.  Attorney S. Aaron Tenenbaum will analyze your specific situation to help you make determination whether bankruptcy is a viable option for you.

Tenenbaum Law Group is a debt relief agency helping people to file for bankruptcy relief under the Bankruptcy Code.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is the bankruptcy option that can stay a foreclosure.  All of the client’s debt, including the mortgage arrearages, will be consolidated and the client will make payments according to the plan approved by the Bankruptcy Court. In order to stay the foreclosure, the bankruptcy needs to be filed before the actual sale of the property.  It will not stay the foreclosure if it is filed after sale, even if it is before the sale has been approved by the court.

Tenenbaum Law Group is a debt relief agency helping people to file for bankruptcy relief under the Bankruptcy Code.

Bankruptcy Bankruptcy
 
 

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