In most cases, an automatic stay begins after your bankruptcy is filed. The automatic stay is designed to protect you and your assets from creditors. It also legally allows individuals to retain their property while working out a resolution for their debt and avoiding foreclosure.
How Chapter 7 Bankruptcy Can Help Postpone the Sale of Your Home
If your home has already been scheduled for foreclosure, filing for Chapter 7 bankruptcy in Kansas City will legally postpone the sale while your bankruptcy is pending. A trustee is appointed to sell off assets not marked exempt. So, the resulting money is used to repay your creditors. With the automatic stay, the trustee has time to sell off your property instead of foreclosing.
Save Your Home and Avoid Foreclosure With Chapter 13 Bankruptcy
You are able to restructure your debt and save your home through a Chapter 13 plan. You are given a three-to-five-year period to resolve your delinquent accounts. During this time, you will also be able to pay arrearages on your mortgage loan. Your mortgage company is required to provide transparent accounting. They must provide a report to show that all arrears have been paid through your bankruptcy.
Contact Our Kansas City Bankruptcy Attorneys for Assistance Filing
If you're looking down the barrel of a foreclosure, don't hesitate to contact our office for more information on filing Chapter 7 or Chapter 13 bankruptcy in Kansas or Missouri. We will sit down with you (or visit with you virtually) and go over your debts and assets to determine which type of Kansas City bankruptcy filing is best for you and then build a custom solution for you based on what is best for you and your family.Bankruptcy Phone: (816) 842-6200 Toll-Free: 888-712-1930 Email: [email protected] Website: www.castlelaw-kc.com (use the chat function to message us) Facebook: www.facebook.com/castlelawkc.com (message us on messenger)