Are you an Alabama homeowner who is at risk of foreclosure? If so, you may have more options than you realize to avoid losing your home. One powerful tool that can help stop foreclosure proceedings is Chapter 13 bankruptcy.
Chapter 13 Bankruptcy Restructure Your Mortgage
Chapter 13 bankruptcy allows you to restructure your mortgage and other debts into a court-approved repayment plan. This can give you the time and legal protections needed to get caught up on missed mortgage payments and prevent foreclosure.
Many Birmingham homeowners don’t know that bankruptcy could help them save their home. The experienced bankruptcy attorneys at Brent W. Davis & Associates, LLC have assisted countless clients in using Chapter 13 to stop foreclosure in its tracks.
How Chapter 13 Bankruptcy Works to Stop Foreclosure
When you file for Chapter 13 bankruptcy, an automatic stay is immediately put in place. This legal order prohibits your mortgage lender from moving forward with a foreclosure sale. The lender must cease all collection efforts and foreclosure proceedings.
From there, you’ll work with the bankruptcy court to develop a Chapter 13 repayment plan. This plan allows you to catch up on your missed mortgage payments over the course of 3-5 years, while also keeping up with your regular monthly mortgage bills.
Your repayment plan will also restructure any other debts you may have, such as credit cards, personal loans, or medical bills. This can significantly lower your overall monthly payments and make it more feasible to stay current on your mortgage.
Once your Chapter 13 plan is approved by the court and you make all your scheduled payments, any remaining eligible debts will be discharged. This gives you a fresh financial start and the ability to save your home from foreclosure.
Act Quickly to Explore Your Options
If you’ve already received a foreclosure notice from your mortgage lender, it’s crucial that you act fast to explore your legal options. Waiting to file for bankruptcy until the last minute can limit your ability to successfully stop a foreclosure sale.
The knowledgeable bankruptcy attorneys at Brent W. Davis & Associates recommend speaking with them as soon as you receive any indication that foreclosure proceedings have begun. This gives us the best chance of intervening before you lose your home. It is a race to the courthouse, we MUST file the case BEFORE the foreclosure sale happens.
We understand that facing foreclosure is an incredibly stressful and emotional experience. Our goal is to provide caring, personalized guidance to help you understand your rights and explore all possible solutions – with a focus on saving your home through the bankruptcy process.
Take the First Step Toward Saving Your Home
If you’re a Birmingham homeowner facing foreclosure, don’t lose hope. Chapter 13 bankruptcy may be your best path forward to stop the proceedings and save your home. The attorneys at Brent W. Davis & Associates are here to guide you through the process every step of the way.
Contact us today for a free consultation to learn more about how bankruptcy can help you avoid foreclosure. We’ll review your unique situation and advise you on the best legal strategies to protect your most valuable asset – your home.
Contact Us:
- Phone: (205) 989-1919
- Email: Brent@brentwdavis.com
- Office: 2473 Valleydale Road, Hoover, Alabama 35244
- Website: www.brentdavis.com
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Don’t let medical debt keep you awake at night. Contact Brent W Davis and Associates LLC today and take the first step toward financial freedom.