Use Bankruptcy to Stop Foreclosure in Maine
The term “stop foreclosure” is a bit of a misnomer. While it is true that bankruptcy can at least temporarily stop a state foreclosure action, it cannot relieve you of your obligation to make your monthly mortgage payments. If you want to keep your home, you have to pay for it.
If you are surrendering your home, bankruptcy at best slows down a state foreclosure action for a few weeks until the creditor gets relief from the bankruptcy stay. More importantly, Chapters 13, 12, and 11 can stop foreclosures long-term if you are able to propose and get confirmed a viable plan of reorganization.
At the law office of Perry O’Brian, we have focused our practice on bankruptcy since we opened in 1984. We offer comprehensive counsel to individuals and small businesses. Using our skills, knowledge, and experience, we simplify the process and help you get the outcome you seek.
We built our practice on a commitment to responsive and efficient advocacy. We return all calls and e-mails in a timely manner. We always take steps that minimize time and expense.
Using Chapter 13, 12, or 11 to Stop State Foreclosure Actions
Because the note on your home is secured by a mortgage, you cannot discharge your obligation under Chapter 7 unless you give up your home. If you want to prevent a foreclosure of your real estate, we help you seek reorganization of your debts under a Chapter 13 bankruptcy (if you are filing as an individual), a Chapter 12 (if you are a family farmer or fisher), or Chapter 11 (if you are a business).
However, to successfully stop foreclosure long-term, you must be able to make your monthly mortgage payments as they become due. If you fall behind on your post-filing mortgage payments, the secured creditor can obtain relief from the bankruptcy stay and pick up any state foreclosure action where they left off. You need to have enough income to propose a feasible plan of reorganization.
We handle all matters related to a Chapter 13, 12, or 11 bankruptcy, including preparing and filing all necessary documentation and acting as your advocate with creditors, the court, and the bankruptcy trustee. We help you prepare a reorganization plan to submit to the Court. We work with you in formulating a plan of reorganization that you can afford.
Contact Our Office
For a free initial consultation with an experienced Bangor attorney, contact us by e-mail or call our office at 207-942-4697 or toll-free at 877-900-9857. We can set up an installment payment plan to make the costs of legal representation more manageable. Our offices are easily accessible in Bangor.