Released on: 20, December 2005
, Author: David M. Siegel & Associates
, Audience: Internet related
FOR IMMEDIATE RELEASE12/23/05
Losing one's home to a foreclosure sale can be devastating and demoralizing. Itdoesn't take much to fall behind on mortgage payments. Job loss, injury, divorce,wage garnishments, personal loans, student loans, credit card payments and manyother factors can lead to the inability to make timely payments. Mortgage companiesoften will not accept any amount other than the amount needed to become completelycurrent. In those situations, reorganization under Chapter 13 of the U.S.Bankruptcy Code can provide a solution to some homeowners.
Chapter 13 allows one to pay his current monthly mortgage payment while making anadditional payment to a Chapter 13 trustee. The additional payment to the Chapter13 trustee includes the arrearage on the mortgage. This allows a person to repaythe arrears portion over a period of thirty-six (36) to sixty (60) months. Thegreatest feature of the reorganization filing is that it stops the foreclosure casedead in its tracks. As long as timely payments are made directly to the mortgagecompany and to the Chapter 13 trustee, the foreclosure action is stalled and thesale of the home cannot proceed.
Similar to businesses that reorganize under Chapter 11 of the Bankruptcy Code,Chapter 13 is used by consumers who desire to reorganize. A "Special Report"regarding saving a home in foreclosure is available athttp://www.bankruptcylawyer schicago.com. Additionally, an audio version of thatsame report can be downloaded which provides free, consumer information narrated byDavid Siegel.
It is important to note that a foreclosure case runs along a scheduled timeline. Reorganization under Chapter 13 may not be available to save a home if a foreclosuresale date has occurred. One should consult with a local Chapter 13 attorney todetermine if a Chapter 13 filing is feasible.
For Information:David Siegeldavidmsiegel@hotmail.co mwww.bankruptcylawyerschicago .com
Source: Express-Press-Release.com
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