Behind on your mortgage? Filing may stop a foreclosure sale.
If you want to keep your home, Chapter 13 may let you catch up on missed payments over time while you keep making your regular payment. Mack & Associates, LLC helps Kansas homeowners from offices in Topeka, Leawood, Wichita and Dodge City.
If a sale date is set, call us today. Timing matters.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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Let’s look at your home
Answer a few quick questions. Each answer shows why it may matter for your situation.
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Has a foreclosure sale date been set?
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Do you want to keep the home?
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Can you afford your regular mortgage payment going forward?
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Do you have a second mortgage or home equity loan?
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Are you also behind on property taxes or HOA dues?
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Has a bankruptcy case of yours been dismissed in the past year?
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Is your home worth noticeably more than what you owe on it?
For your own initial review only. These questions simplify complicated rules and aren’t legal advice or a substitute for a full review of your situation. For advice, contact our office to speak with an attorney.
Not your main worry? See whether Chapter 7 or Chapter 13 may fit
What filing may do
Every situation is different. These are common ways bankruptcy may help, depending on your facts.
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Pause the sale
Filing generally triggers the automatic stay, which pauses a scheduled foreclosure sale.
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Catch up over time
Chapter 13 may let you repay what you’re behind over three to five years while you keep your regular payment.
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Remove an underwater second
A second mortgage that’s completely underwater may be removed when the plan is completed.
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Handle other debts too
Credit cards, medical bills and other debts may be addressed in the same case.
For general information only. This isn’t legal advice for your situation. For advice, contact our office to speak with an attorney.
How quickly can filing stop a foreclosure sale?
The automatic stay generally takes effect when the case is filed, so filing before the sale may stop it. In an emergency, some paperwork can follow within a short deadline, but a credit counseling course is generally required first.
Can I keep my house if I file Chapter 7?
Possibly. Kansas’s homestead exemption may protect some or all of your equity, subject to acreage limits and other conditions. You generally need to be current on the mortgage to keep the home in Chapter 7. If you’re behind, Chapter 13 may let you catch up.
What if the sale already happened?
Once a sale is complete, bankruptcy generally can’t undo it, though Kansas law may provide a period to redeem the property in some cases. Call us to review your situation.
Talk with a bankruptcy attorney
A free consultation may help you see whether Chapter 7, Chapter 13 or another option fits your situation.