Legal Question in Bankruptcy in Pennsylvania

Re: Chapter 13

Short answer -- you should be able to prevent the foreclosure and keep your house by filing under Chapter 13.

The big question as to whether to file under 7 or 13 deals with how many months you are behind on your mortgage payments. If you are current (or one/two months behind) I would highly recommend you file under Ch. 7 and get complete relief. The process is much simpler -- basically 3 to 4 months instead of 3 to 4 years. READ MY FIRM'S PHILOSOPHY. Everyone deserves a chance to begin again.

If you have not been able to make your mortgage payments and you are several months behind you probably need to file under Ch. 13. In a chapter 13 your attorney will propose a plan of reorganization. Basically this plan will take all of the past due mortgage payments and spread them over 36 to 60 months. However, you would need to resume making your regular monthly mortgage payments.

Call me to discuss your specific situation in more detail. I would be pleased to handle your case. ph. (800) 303-0720

Re: Chapter 13

As you may know, there are generally two types of bankruptcies for consumers, Chapter 7 and 13. The former is generally for those who simply require the elimination of unsecured debt such as credit cards. The latter is generally for those who have fallen behind in secured debt such as a mortgage. Chapter 13 allows you to repay any arrears over five years.

The filing of a bankruptcy creates what is known as an automatic stay. That stops all attempts to collect a debt, including lawsuits and sales. The purpose of the stay is to give you breathing room so that you have an opportunity to cure the default.

You should speak with experienced bankruptcy counsel to discuss all the ramifications.

I trust this has been helpful, but feel free to call or e-mail on a free initial basis.