When you file a St. Louis bankruptcy, all creditor activity comes to a halt. This would include things like a wage garnishment, bank levy, lawsuit, collection on debts, car repossessions, and also a St. Louis foreclosure.
The reason why these things come to a halt is because once the bankruptcy petition is filed, the court orders that an “Automatic Stay” go into effect. The automatic stay is a fancy way of saying that the creditors must put a stop on all their efforts to collect money, or demand payment, or take any action that might deprive you of your assets (like your home).
The primary tool that an experienced St. Louis bankruptcy attorney uses in such a situation is a Chapter 13. This is described as a repayment plan over the course of three (3) to five (5) years. During this time, certain debts are paid back. First and foremost would be the amount that you have fallen behind on your mortgage loan.
Without a doubt, facing a pending foreclosure can be stressful. But you do not have to lose your house!! The expert St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have saved hundreds of homes from foreclosure over the last ten (10) years. Our goal is to make sure your assets are kept safe, your unsecured debt is discharged, and that you are put back on the road towards financial freedom.
The initial consultation is free of charge. So contact us today to learn more!!