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St Louis Bankruptcy: Will Filing A Bankruptcy Stop A Home Foreclosure?


Yes, it will. So long as the bankruptcy petition is filed before the actual sale takes place. The main tool used in this type of situation is a St Louis Chapter 13.

Once you fall behind on your monthly mortgage payments, the creditor will start calling you about getting caught up. If you do not get caught up, the creditor will eventually send the matter to their attorney. The attorney will then send you a couple letters about their intent to foreclose on the note. And the last letter you will receive will be a formal notification of the foreclosure sale date (this last notice is almost always sent by way of a certified mailing).

At that point, you have a limited number of options. You can of course let the property go, and simply walk away. But if you want to keep the real estate, then you will either need to come up with a lump sum to come current, or file a Chapter 13.

A Ch13 is described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back. Those debts to be paid back within the time frame are: outstanding balances on a car note, back child support, tax debts, and mortgage arrearage (in other words, the amount of money that you have fallen behind on your mortgage).


The idea is to spread out the amount you have fallen behind over a period of years so that it is easier for you to get caught up (and so that you can keep your house). But again, you are under a tight schedule if the St Louis foreclosure has already been set (because the bk petition will need to be filed before that event takes place). So if you the date has been set, it would be necessary for you to contact us right away (since any delay would increase the chances that you would lose the house).

We want to help!! These kinds of situations are stressful, and you will need all the advice and help you can get! That is why we want to answer all of your questions, explain all of your options, and help guide you through the process from start to finish.

The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.

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