7/13 Bankruptcy Relief

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      (719) 201-4527
      (DENVER METRO 303-730-8819).

    Stop Foreclosure by Filing for Bankruptcy

    Borrowers facing foreclosure of their home can protect their property from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Borrowers facing foreclosure of their home can protect their property from creditors by filing for Chapter 7 or Chapter 13 bankruptcy.

    Your home is one of your most precious assets, not only because it will likely be the most valuable piece of property you own but also because it is likely your family’s sanctuary. As a result, facing threats of foreclosure and losing your home can be both emotionally and financially devastating. In such cases, it’s critical that debtors are aware that:

    • They are in the best legal position before the bank takes action to foreclose on the home.
    • They have options that can stop the bank from calling them or sending them letters that threaten foreclosure.
    • They may be able to protect their home and avoid foreclosure by consulting with a legal professional and filing for bankruptcy.

    As soon as a debtor files for Chapter 7 or Chapter 13 bankruptcy, a court injunction known as an automatic stay immediately goes into effect. This automatic stay prevents the bank and other creditors from:

    • Contacting you about your mortgage or any other debts you may owe
    • Foreclosing on your house
    • Repossessing your vehicle or other property
    • Garnishing your wages
    • Seizing your bank accounts
    • Filing a lawsuit against you to try to collect on outstanding debts.

    Filing for Chapter 7 or Chapter 13 Bankruptcy

    Although filing for bankruptcy may not be able to completely stop the foreclosure process, it can:

    • Buy borrowers enough time to collect the money necessary to pay their back mortgage payments
    • Help discharge other debts, which can free up money that could go towards paying back mortgage payments
    • Allow for up to a $60,000 homestead bankruptcy exemption (meaning that borrowers who have no more than $60,000 in equity in their homes can protect this equity through bankruptcy).

    If you are facing foreclosure on your home and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

  • EVENING AND WEEKEND APPOINTMENTS AVAILABLE

    Contact us today at (719) 201-4527, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

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