The laws of the land with regard to foreclosure can be complex for you to understand. It is here you need the expert services of a good foreclosure lawyer to help you know your rights and manage foreclosure issues. A good lawyer will not only give you advice but help you in the documentation of your case as well.
Does filing for bankruptcy stop foreclosure?
Several homeowners believe that if they file for bankruptcy foreclosure will stop in the event of a sheriff’s sale. However, the reality is the process will only be delayed for a short while of time. This phase is called an automatic stay. This is the period where the creditors get the information that you have filed for bankruptcy. When the creditors are informed that you have filed for bankruptcy, they will stop pursuing you for the collection of payments. They are given details of the case, and they need to with immediate effect stop pursuing you for the collection of money.
Note that in the stay period, the creditor of the person may file a petition in court for lifting the stay. If the court of law agrees, the creditor can proceed and sell the home.[Read more…]