Legal Question in Bankruptcy in California

I am filing Chap 11 and I'm behind on my mortgage and other bills. Will filing 1. protect my home from being foreclosed? 2. Give me time to catch up on my mortgage with no penalties?


Asked on 4/05/10, 7:43 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

If your bankruptcy lawyer advised you to file under Chapter 11, it means that you have more than $336,900 in unsecured debts or $1,010,650 in secured debts. (Most homeowners would file under Chapter 13.) Chapter 11 bankruptcies are far more complicated and expensive. But filing under either chapter will instantly stop the foreclosure, and yes, done properly, it will give you time to catch up with no penalties.

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Answered on 4/10/10, 9:11 pm


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