Bankruptcy and Home Foreclosures in Massachusetts
Before filing for bankruptcy, get sound advice on how different types of bankruptcy filings can protect or damage your home equity.
Chapter 7 Versus Chapter 13? State or Federal Exemptions?
A lot of people think that bankruptcy can be used to stop home foreclosure - or at least to slow down the process. This is often true. However, the relationship between bankruptcy and home foreclosure depends on what kind of bankruptcy petition is filed - Chapter 7 or Chapter 13. Another critically important consideration is whether to use Massachusetts state exemptions or the federal exemptions.
Do-it-yourself bankruptcy filers may miss these important considerations. This is why we recommend consulting with an experienced bankruptcy lawyer before finalizing your bankruptcy plans.
How to Use Bankruptcy to Stop or Delay Home Foreclosure
Depending on your circumstances, you may be able to use a Chapter 7 or Chapter 13 bankruptcy petition to stop or delay your foreclosure on your home. Immediately upon filing a bankruptcy petition, you get an automatic stay on all actions against you for unpaid debt. This automatic stay applies to home foreclosure proceedings as well as other debt collection or debt settlement actions.
If you file Chapter 7 bankruptcy, the automatic stay will provide only a temporary delay - a month or two to better organize yourself and your family to move house. If you file Chapter 13 bankruptcy, you will be asking the court to manage your debt repayment plan - including settlement of unpaid mortgage debt.
Thomas G. Waldstein, Attorney at Law:
Legal Help With Bankruptcy in Framingham, Massachusetts
Led by seasoned Massachusetts lawyer Thomas G. Waldstein, our law firm regularly represents individuals and families in bankruptcy petitions under either Chapter 7 or Chapter 13. With more than 35 years' legal experience, Mr. Waldstein provides efficient and thoughtful advice to consumers who are considering bankruptcy as a solution for a threatened home foreclosure.
Short Sale? We can help if you are considering a short sale as a way to stay out of bankruptcy and avoid a foreclosure. In addition to bankruptcy, our law firm has a strong real estate law practice.
Schedule a free and confidential consultation with Mr. Waldstein by calling or e-mailing our law firm. Call 508-872-6567 or use our online contact form.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
