Bankruptcy and Foreclosure: Can You Keep Your Home?
Facing foreclosure is a stressful experience, but bankruptcy may offer a way to keep your home. Understanding how Chapter 13 bankruptcy works, the foreclosure process in Pennsylvania, and legal strategies can help you protect your assets.
How Chapter 13 Bankruptcy Can Help
Allows homeowners to restructure their debt and create a repayment plan.
Stops foreclosure proceedings through an automatic stay.
Enables overdue mortgage payments to be repaid over time while keeping your home.
Helps manage other debts, making overall financial recovery more manageable.
The Foreclosure Process in PA
Notice of Default: If you miss mortgage payments, the lender will issue a notice.
Pre-Foreclosure Period: You have a limited time to resolve the default before formal proceedings begin.
Sheriff’s Sale: If unresolved, the home may be sold at auction.
Redemption Period: In some cases, homeowners can reclaim their property by paying off debts after the sale.
Legal Strategies to Protect Your Assets
Filing for Chapter 13 Bankruptcy: Stops foreclosure and provides a repayment plan.
Loan Modification: Negotiating new terms with the lender can make payments more manageable.
Forbearance Agreements: Some lenders may agree to temporarily reduce or pause payments.
Legal Representation: An experienced attorney can help explore all available options to save your home.
If you are struggling with foreclosure, Attorney Sean Quinlan can help you understand your rights and find the best legal solution. Contact our office today for expert guidance.
