Filing for bankruptcy can help you save your home.
If you’re behind on your mortgage or your home is already in foreclosure, you may be able to save it by filing for Chapter 13 bankruptcy. Our experienced Bangor bankruptcy attorneys can advise you on your options and help you chart a new course forward.
Options when your home is in foreclosure:
Unlike Chapter 7 — which requires selling assets to cover debt — Chapter 13 can stop the foreclosure process outright. If the court finds you have a viable plan to repay your debt, the foreclosure stops. You’ll need to keep up with mortgage payments as they come due, and pay off what you’re behind within five years.
Once your Chapter 13 plan is written, its terms can’t be rewritten — so it’s important to build a plan you can actually stick to. In Maine, the Chapter 13 trustee works on commission, taking 10% of the gross amount paid into your plan.
Is Chapter 13 right for you? If you can’t afford both your mortgage and your plan payment, or if your debt can’t realistically be paid off within five years, Chapter 13 may not be the right fit. Talk to a bankruptcy attorney about which chapter suits your situation.
If the home facing foreclosure is your principal residence, you have until the real estate auction to file Chapter 13. Once the auction has taken place, you no longer own the home — so it’s critical to watch the foreclosure timeline closely and contact an attorney sooner rather than later.
Contact us today to schedule a consultationNo two foreclosure or bankruptcy cases are the same. Let our team review your case and help determine the best course of action — before deadlines pass.
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