While fewer Michigan residents are facing foreclosure now compared to years past, it is still an issue for some. If you are on the brink of losing your home, you may wonder what foreclosure defense options are available to you. This is where a bankruptcy law attorney may be able to help.
Chapter 13 bankruptcy is one of the most commonly used foreclosure defense options. The minute you submit your bankruptcy filing, foreclosure proceedings — unless they are very near completion — have to stop until your bankruptcy case is closed. By going the bankruptcy route, you may be able to work out a new payment plan with your mortgage lender or adjust the amount you need to pay monthly on other debt obligations in order to free funds so that you can make more mortgage payment on time and in full.
There are a number of foreclosure defense options out there. It is impossible to know which is best for you until legal counsel has the ability to review the finer details of your situation. To learn more about how an attorney can help you try to save your home, please take a moment and visit our firm’s website.
Bankruptcy law may be what you need to save your home from foreclosure. Then again, it may not be necessary for all Michigan residents who are struggling monetarily to go that far. By allowing legal counsel to review your financial situation, together you can work toward finding a solution that may allow you to keep your home and improve your economic struggles all at the same time.