As I sit here, it is one day past the Fall Back time of year when we all set our clocks back an hour, and it seemed like a good opportunity to talk about the time benefits of a Chapter 13 Bankruptcy.  In today's post, we will talk about gaining time in order to sell your home.  In a future post, we will talk about gaining time to pay off arrears on your mortgage.

So here's the scenario.  You are behind on your mortgage.  You have significant equity in your home that will be lost if the bank forecloses, which will leave you will little or nothing.  You have talked to the bank, but they will not give you the time required to sell your home.  It looks like game over.  Do not pass go.  Do not collect $200.00.  You think the bank has all the power, and you will be out on the street.

Then you come to our office, and you learn that there is something that you can do.  Together, we can force the bank to stop foreclosing and give you time to sell the home.  Here's how it works.  Bankruptcy is kinda like a life hack under the right circumstances.  No time.  No problem.  Bankruptcy includes an automatic stay on collection activity.  That means that a federal judge will order the bank that they may not take any steps to collect its debt when you file for bankruptcy.  The automatic stay remains in place until dissolved by the Judge.  

In this fact pattern, we would file a chapter 13 bankruptcy, which stops the threatened foreclosure.  Then we would likely propose a plan under which you pay off the mortgage arrears through the sale of the home.  The bankruptcy will stop the foreclosure and likely give you enough time to find a buyer for the property.  Problem solved.

Our lawyers love the opportunity to tell you to leave your problems with us.

If you are in trouble, pick up the phone.   Come see us.  We do not charge for an initial bankruptcy appointment.  Leave our office armed with powerful information about your true choices. Wellsboro and Tioga County (570) 309-6690.  Bradford, Coudersport, Smethport (814) 274-8612

In addition to family law, personal injury and car accident cases, our lawyers file bankruptcy for people in Williamsport, PA 17701, 17702 and for people in McKean County, Wellsboro, zip code 16901 Tioga County, and Potter County.