Saving Your Home

Clients worried about saving their home have multiple options in bankruptcy.  Any bankruptcy filing will provide for an automatic stay. This powerful provision of the bankruptcy code requires all foreclosure actions on a property to be temporarily stopped immediately upon filing the bankruptcy.

Chapter 13 Bankrutpcy

A Chapter 13 bankruptcy allows debtors to pay back arrearages on their home over a 36 to 60 month period of time. Should the debtor complete this repayment plan and stay current on their home throughout the repayment period then the debtor will be able to keep their home regardless of the bank's intentions to foreclose. 

Lien Strip

As part of a Chapter 13 bankruptcy a debtor may be able to strip off a second or third mortgage upon completion of the Chapter 13 plan. This means that after you receive a discharge in a Chapter 13 bankruptcy you will never have to pay on your second or third mortgage ever again.  This is a powerful tool allowing possible savings of hundreds of thousands of dollars. A qualified attorney at the Leibowitz Law Group will determine if you qualify for a lien strip.