Save Your Irvine Home from Foreclosure

Irvine Chapter 13 Bankruptcy Attorney

Are you currently facing foreclosure? If you live in the Irvine area and you have received a notice of foreclosure from the bank, you may feel that you are in a hopeless situation. This does not have to be the case! You may be able to save your home. An Irvine bankruptcy attorney can talk to you about your potential options, one of which may be Chapter 13 bankruptcy.

Chapter 13 Bankruptcy Can Stop Foreclosure

Under Chapter 13 of the U.S. Bankruptcy Code, a debtor can create a payment plan to pay off a portion or all of his or her debt over the next 3 to 5 years, under the protection of the bankruptcy court. This is accomplished with a monthly payment that is based upon an analysis of the debtor's disposable income (income minus necessary expenses). When the payment plan is successfully complete, the debtor's unsecured debt will be discharged.

A key benefit of Chapter 13 bankruptcy is its ability to stop foreclosure. When you file your bankruptcy petition, this will place what is called an "automatic stay" on foreclosure proceedings. This is a court injunction that basically halts the foreclosure process. You will then be able to include past due mortgage payments and arrears in your repayment plan, meaning that you can pay off this debt and keep your home. As long as you make your monthly payments under your payment plan and stay current on your mortgage payments after that, you can keep your home.

Filing for bankruptcy is a big decision. Make sure you get all the information that applies to your unique financial situation and answers to your questions from a lawyer who will give you honest, straightforward guidance.

Contact an Irvine bankruptcy lawyer today to discuss how Chapter 13 can save your home from foreclosure.