LEGALLY SPEAKINGbyJames WPruittAltorney at LawCANBANKRUPTCYPREVENTFORECLOSURE?Homeowners faced withforeclosure might want toconsult with an attorneyabout filing for Chapter13 bankruptcy to savetheir homes. Once thefiling is made, the federalbankruptcy court issues astay" that bars all creditors(including mortgage lenders)from attempting to collecton debts without thecourt's permission. Once arepayment plan is approved,homeowners filing Chapter13 bankruptcy are protectedfrom foreclosure during theplan's entire period as longas they continue to makethe required plan paymentsand loan payments. The debtrepayment plan must showthat the Chapter 13 filer hasenough income to continueto make mortgage payments,gradually make up missedpayments, and pay back apercentage of other debts.For bankruptcy advice calPruitt Law Offices 262633-8301. Our offices arelocated at 731 Main Street inRacine. We are your partnersfor professional

Date: February 28, 2018

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LEGALLY SPEAKING by James W Pruitt Altorney at Law CAN BANKRUPTCY PREVENT FORECLOSURE? Homeowners faced with foreclosure might want to consult with an attorney about filing for Chapter 13 bankruptcy to save their homes. Once the filing is made, the federal bankruptcy court issues a stay" that bars all creditors (including mortgage lenders) from attempting to collect on debts without the court's permission. Once a repayment plan is approved, homeowners filing Chapter 13 bankruptcy are protected from foreclosure during the plan's entire period as long as they continue to make the required plan payments and loan payments. The debt repayment plan must show that the Chapter 13 filer has enough income to continue to make mortgage payments, gradually make up missed payments, and pay back a percentage of other debts. For bankruptcy advice cal Pruitt Law Offices 262 633-8301. Our offices are located at 731 Main Street in Racine. We are your partners for professional service

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