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You are not the only person in Topeka who is having problems paying their mortgage. With unemployment rates higher than normal and many people forced to take lower paying jobs to make ends meet, it can be difficult to make payments on a mortgage that you got when your financial situation was better. If you have missed one or more payments and your mortgage company is threatening you with foreclosure, you don’t have to immediately surrender your home. A lawyer can help you understand your options and may be able to prevent your Foreclosure in Topeka KS so you can keep your house. |
When you file for bankruptcy protection, you get immediate relief from collections. This means that your mortgage company cannot foreclose on your home without getting approval from the court. It also means that the other people you owe, including credit card companies, doctors and hospitals, and payday loan companies cannot call you or send you letters regarding the debts you owe them. For many people who are behind on their debts, this temporary reprieve from creditor harassment provides the time and space needed to make some important financial decisions about the future.
If you decide that you want to keep your house, Chapter 13 bankruptcy may be the best option for you. With a Chapter 13 filing, you can reorganize your debts and catch up on your missed payments over time. Choosing this option will prevent a Foreclosure in Topeka KS as long as you make your monthly payments to the bankruptcy trustee.
If, after carefully evaluating your situation, you decide that you can’t afford your home and mortgage loan modification is not an option for you, Chapter 7 bankruptcy can provide relief from your debts. This type of bankruptcy is more popular than Chapter 13 because it doesn’t require monthly payments over a three to five year period. However, when you elect to file for bankruptcy under Chapter 7, you may not have the option of keeping your house, car and other valuable property. Click here to read about how bankruptcy can stop a foreclosure temporarily or give you time to catch up on missed payments.
