Keeping Your House and Car
Bankruptcy can stop foreclosure on your house, and may allow you an opportunity to catch up on missed payments. Filing the bankruptcy petition will stop the foreclosure process. A debtor may then attempt negotiations either with the mortgage company or in the Chapter 13 plan for relief. Note that while bankruptcy can stop the foreclosure process, it does not automatically eliminate mortgages and other liens on your property without payment. At the law office of Sean T. Flynn, PLLC, we have experience dealing with clients facing foreclosure and understand the life-altering effects that it can have. We strive to ensure that our clients are afforded the full protection from foreclosure available under the law.
Preventing Repossession of Your Car
Bankruptcy can also protect your car or other property from being repossessed, and may also be used in some instances to have a repossessed property returned to you. As with a mortgage, a car loan is a secured loan and cannot be discharged without surrendering the vehicle or making some payment. In some instances, however, you can force secured creditors to take payments over time in the bankruptcy process. Bankruptcy can eliminate your obligation to pay any additional money on the debt if you decide to give back the property.