Use Bankruptcy to Stop Foreclosure in Maine
The term “stop foreclosure” is a bit of a misnomer. While bankruptcy can at least temporarily stop a state foreclosure action, it cannot relieve you of your obligation to make your monthly mortgage payments. You must pay for your home if you want to keep it.
If you surrender your home, bankruptcy 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 cannot propose and confirm a viable plan of reorganization.
At the law office of Perry O’Brian, we focus our practice on bankruptcy. Since we opened in 1984, we offered comprehensive counsel to individuals and small businesses. Using our skills, knowledge, and experience, we simplify the process to help you get the outcome you seek.
We built our practice on a commitment to responsive and efficient advocacy. In a timely manner, we return all calls and e-mails. We always take steps that minimize time and expense.
Using Chapter 13, 12, or 11 to Stop State Foreclosure Actions
Because your mortgage secures the note on your home, you cannot discharge your obligation under Chapter 7 unless you give up your home. To prevent a foreclosure of your real estate, we help you seek reorganization of your debts under a Chapter 13 bankruptcy (if filing as an individual), a Chapter 12 (family farmers or fishers), or Chapter 11 (for business).
In order 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.
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.
You need to have enough income to propose a feasible plan of reorganization. However, we can 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. 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.