Do you need bankruptcy protection to save your home from foreclosure? Trying to do this yourself can cause major problems for you; hire a competent bankruptcy attorney to get you the help that you need to save your home.
I recently saw got a man I’ll call Fred whose home was about to be foreclosed by Wells Fargo the following week due to a large mortgage delinquency. Normally, we could have filed an emergency chapter 13 bankruptcy and Fred could have either paid the arrearage through the chapter 13 plan, or applied for our bankruptcy court’s loan modification program.
However, Fred had already filed two previous failed chapter 13 bankruptcy cases within the the past 12 months without an attorney. A third bankruptcy filing within 12 months would not give Fred any legal protection from foreclosure (or from any other creditor actions) until the court enters an order granting a motion to impose that protection, known as the automatic stay. I told Fred that because of this his chances of avoiding foreclosure by filing bankruptcy were slim, but in a last ditch effort to save his home, he decided to try anyway. Wells Fargo hired a knowledgeable creditor attorney to foreclose, and they foreclosed despite the fact that Fred filed a third bankruptcy with me because the bankruptcy protections did not apply.
The lesson here is that if Fred had hired a competent bankruptcy attorney instead of trying to file a successful chapter 13 case himself, he would almost certainly been able to save his home. So if you are in foreclosure, contact a bankruptcy attorney today to see if you can save your home.