Bankruptcy Chapter 13 Mortgage Foreclosure
In bankruptcy Chapter 13 mortgage foreclosure is either stopped or at least temporarily avoided. Here's how. First, just in case you are not familiar with a Chapter 13 bankruptcy, it is a bankruptcy court approved payment plan where the debtor (the person filing bankruptcy) pays a bankruptcy trustee each month and then the trustee pays the debtor's creditors. There are several aspects of a Chapter 13 bankruptcy that work to help people facing mortgage foreclosure. The first aspect is actually applicable to all bankruptcies. It is called the "automatic stay". By law, whenever anyone files bankruptcy, regardless of the type of bankruptcy, there is an immediate "automatic stay" (automatic temporary stopping) of most civil proceedings against the person filing bankruptcy. ...
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