FILING BANKRUPTCY STOPS FORECLOSURE
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BANKRUPTCY STOPS

• Foreclosures
• Bank Levies
• Wage Garnishments
• Repossessions
• Creditor Harassment
• It can even stop the IRS from collecting certain taxes
• Serving Riverside and San Diego Counties

IF YOU GET A FORECLOSURE!

You may still owe the balance on your second, or you may owe massive taxes next year, if you pulled money out of your house. Bankruptcy can fix both of those problems. Internal Revenue Code Section 61 makes the balance on your second part of your gross income, but Section 108 gives you a deduction for that if you put it into a bankruptcy, and Lenders don't like to sue in Bankruptcy Court because it is a lot harder for them to win than in the California Superior Courts.

CHAPTER 13 BANKRUPTCY

Most often Foreclosure is Stopped with a Chapter 13 Bankruptcy. When you file a Chapter 13, you can voluntarily have it dismissed or canceled later. Putting the payments you are behind on your mortgage into the payment plan can bring your mortgage current when your payment plan is completed. While making the payments you can also be looking for a lender to refinance the property and if that works out, dismiss the bankruptcy or make a motion to refinance and use the cash out to pay your debts through the bankruptcy plan.

Chapter 13 or Consolidation Bankruptcy is a Bankruptcy with a monthly payment plan that requires you to pay back all or a portion of the balances that you owe. At the end of the payment plan, any unpaid balances are discharged. A Discharge is a court order prohibiting collection of the unpaid balances. Though by far most qualify for chapter 7 under the Means Test, not everyone will. If you make too much money and don't have enough allowable deductions under the Means Test, a Chapter 13 may be right for you. If you are a few months behind on your home mortgage and you want to keep the house, a Chapter 13 may be right for you. Maybe your home has too much equity, or there is equity over and above the homestead, a Chapter 13 may be right for you.

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