Is it true that by filing a chapter 13 bankruptcy the process of a foreclosure will be stopped

It would only help for a little, but you still have to get out of both things, so keep on working

that would not help, it would make things worse! so keep trying to get things better

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If this is being initiated by the tax people, you need to pay your tax bill. Call the county and have a talk.

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In short. YES FOR BOTH.

Now, in long……

STOP GARNISHMENTS. EVEN BEFORE THEY START
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Filing bankruptcy can stop a garnishment immediately. If all funds that have been garnished have been properly exempted, the garnished funds can even be returned to the debtor.

When a bankruptcy is filed, a special provision of the bankruptcy code kicks in and stops all creditor action to collect a debt. The special provision of the bankruptcy code is Section 362 and is called “the Automatic Stay”. The Automatic Stay is a court order to all creditors to stop collecting debts immediately.

When a paycheck or bank account is garnished, money is taken from the paycheck or other account and held until a certain time when the money is supposed to be delivered to court and turned over to the creditor. The date that the creditor is supposed to pick up the garnished funds in court is often called “the return date”. If a bankruptcy is filed before the return date set for the garnishment, the garnishment is immediately stopped and the creditor cannot continue to collect the debt through the garnishment method.

An employer or bank that has been instructed to hold the garnished funds on behalf of the creditor will usually release all garnished funds to the debtor after the debtor has provided proof of bankruptcy filing. Usually, the bankruptcy attorney for the debtor will write a letter to the employer or bank and explain that the garnishment has been stopped by the filing of the bankruptcy and that the employer or bank should no longer withhold the funds from the paycheck or bank account.

Once notice has been given to an employer or bank regarding the bankruptcy filing, the employer or bank will then usually send all garnished funds that have been held to the bankruptcy trustee assigned to administer the debtor’s bankruptcy case. If the debtor, or debtor’s attorney, has successfully exempted the garnished funds on the bankruptcy petition, the bankruptcy trustee will “abandon” any interest in the funds and turn the funds over to the debtor.

Stopping a garnishment and recovering funds held pursuant to a garnishment can be very complicated. The process requires an expert knowledge of bankruptcy procedure and bankruptcy exemptions. Debtors should always consult with an experienced bankruptcy attorney concerning serious bankruptcy matters like stopping a garishment and recovering garnished funds.

FORECLOSURE
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Filing a Chapter 7 bankruptcy temporarily stalls your lender’s right to foreclosure, until it gets permission to go forward with the foreclosure proceedings. However, doing so could have other very serious consequences.

I caution you against falling for some of the schemes that have been developed that entice a homeowner who is facing foreclosure to transfer a portion of the title to his home to a third person, who then files for bankruptcy. While that may temporarily delay the foreclosure courts are getting wise to the scheme and the delay may be very temporary. Typically the homeowner pays large fees and loses his or her home anyway. Some of the people engaging in such schemes have also been charged with fraud.

If bankruptcy seems to be an option, consider a Chapter 13 or "wage earner" repayment bankruptcy as an alternative to a Chapter 7 straight bankruptcy. Under a Chapter 13 plan, it is possible to make up the missed payments out of your income through the repayment plan.

If you face foreclosure, bankruptcy may or may not make sense, depending on your other obligations and income sources, and the advice of an attorney will be very helpful.

I truly hope this has helped.

Enjoy your day,
Damon

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this would be for 2years this would give homeowners some extra cash too keep their homes what do you think?

it may but it would casue a ton of other problems..like shortage with the counties budgets which supply you with your police, fire depts, schools and local programs…..grown adults signed the papers for these mortgages and as grown adults they need to refi or get a second job to hold up their end of the commitment..the adjustable rate mortgages were designed to be given to people with less then good credit at a fixed rate with a 2 year window to work on their credit and to get their act together so when the adjustment period was up they would be able to refinance into a fixed mortgage…but these people forgot that part and continued to rack up debt, not pay bills and not improve their credit scores..i know some people may have been talked into these without understanding them but the majority of people are grown ups who should have done their homework before they signed their papers and fully understood the responsibitly they were taking on….but like little kids all they hear was yes…and forgot what they had to do in the years to come to get out of it..

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My mom and my step dad have declared bankruptcy one or two times in the last 10 years. My older brother now lives with them because his health hasn't been so great for some time. Needless to say their credit isn't so good after filing for bankruptcys. Now I hear the bank has gone to foreclose their home and they say to us, their adult children that they have their lawyer working on it but don't tell us much else. My parents havent made such great choices about their money in the past so we are pretty skeptical. Not only that a majior reason why they are in this finacial hell is because my step dad fell for an internet e-mail scam. I and my brother am trying to help them as much as we can with our own practical smarts but they haven't told us any details so far. From what we gather my parents could be housless come Febuary. What can be done to help them legally and, or what would you do about all this?
I don't know what form of bankruptcy they have filed this time.. but they say they will be required to pay all of their bankruptcy debts off and keep up with all of their incoming future bills they will have too.
Step dad works two jobs. My mom is on disability. My older brother also works but he is the one who has been sick (and even though its not HIV or AIDS he may also be ill for years to come too) is now working at a Taco Del Mar.

File a petition for the vacancy of the foreclosure case of your parents so that their properties will not be taken including your inheritance. File valid reasons to cite this only remedy.

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I am getting an inheritance soon, but the probate is not done. The bank has a sale date for 3 weeks from now. Is there any way besides bankruptcy to postpone the sale of my house?

Fax the probate documents to your bank immediately. Call and explain the situation to your bank. If there is a sale date already set, then chapter 13 bankruptcy may be your only option at this point. When you receive your inheritance, you can stop the bankruptcy and reinstate your loan. There are companies that do inheritance advance at a very high cost, but it may be an option. They can usually fund pretty fast, maybe in 7-10 days.

Here is a pretty good website about avoiding foreclosure. It has info about foreclosure lending scams, foreclosure timeline, some step-by-step things you can do to stop foreclosure, and some advice on how to delay the eviction process after a foreclosure sale:

http://how2avoidforeclosure.blogspot.com

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SaveMeFromForeclosure.com Justin Lee
Presents Foreclosure Prevention Tips With Today’s Topic Filing Bankruptcy To Stop Foreclosure Brings Long Lasting Consequences - Think Hard Before Deciding. See SaveMeFromForeclosure.com To Find Out More Information!

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CRISIS PHILLY STOPS FORECLOSING, WILL SPREAD ACROSS THE COUNTRY. HOME OWNERS WILL NOT PAY HOME PAYMENTS TILL BANKS REDUCE BALANCES ON THEY’RE MORTGAGES. END OF THE WORLD.

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When facing foreclosure, time is of the essence!

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Learn your options for stopping foreclosure on your Holland house. Tips and traps from Michigan’s #1 Foreclosure Solution & Short Sale Team.

Fore much more, check out http://www.HowToStopMichiganForeclosure.com

Whether you are trying to avoid forclosure in Holland, Zeeland, Grand Haven, Allegan, Douglas, Saugatuck, Fenville, Hamilton (or any other part of Ottawa County or Allegan County), this video will help you.

Are you in any of these situations? This is a must-see video!

Bankruptcy
Help With Foreclosure Laws
Foreclosure
Behind On Payments
Bill Collecting
Forclosure
Pick Foreclosure Attorney / Lawyer
Need Payment Assistance
Collections
Want Mortgage Assistance Programs

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