Seat Pleasant, MD Foreclosure Defense Lawyer

Reliable Foreclosure Defense Attorney for Homeowners in Seat Pleasant

Nobody wants to contemplate the loss of their home. But when you receive notice of foreclosure due to missed mortgage payments, you will have to make some difficult decisions about how you want to move forward. A Seat Pleasant, MD foreclosure defense attorney can help you safeguard your home and strategize ahead to address your outstanding debts.

When your home is at stake, your best course of action is to seek legal representation from a highly qualified attorney. At The Law Office of Donald L. Bell, we can provide you with the skilled counsel and representation you need to prevent foreclosure on your home, drawing on over 20 years of experience in consumer bankruptcy law. No matter how overwhelming your debts may seem, we can help you pursue the best path forward to alleviate your financial stress.

Does Filing for Bankruptcy Stop Foreclosure?

When you file for Chapter 13 bankruptcy, an automatic stay will be issued against your home lender. This can put a stop to foreclosure proceedings, providing you with immediate relief from the threat of losing your home.

However, the automatic stay will only last while your bankruptcy petition is still ongoing. If your bankruptcy petition is approved by a judge, the automatic stay can continue for up to five years while you complete your repayment plan. This can provide you with the opportunity to pay off your mortgage arrears and other outstanding debts. By the time you complete your repayment plan, you will be in a better position to continue paying off your mortgage.

If you continue to receive harassing calls from a debt collection agency or lender while your automatic stay is in effect, we can help protect your rights.

Why Choose Chapter 13 Over Chapter 7 for Foreclosure Defense?

In consumer bankruptcy cases, most people end up choosing between Chapter 7 and Chapter 13. Both options have their own benefits and drawbacks. However, since Chapter 7 involves liquidating assets instead of repaying debts over time, it does not offer the same protection from foreclosure as Chapter 13. Most Chapter 7 bankruptcy cases are resolved in 90 days or less, in contrast to a years-long repayment plan in Chapter 13 bankruptcy.

With Chapter 13 bankruptcy, you will not have to worry about which properties are exempt from liquidation. You can maintain control over your assets and property as long as you follow the terms set by your repayment plan. If your circumstances change and you are unable to make a payment for some reason, be sure to contact a bankruptcy lawyer as soon as possible.

How Else Can Chapter 13 Bankruptcy Help Homeowners?

As a homeowner, opting to reorganize your debts through Chapter 13 bankruptcy can have major benefits. For instance, your repayment plan can help to cut down on interest owed on your unpaid mortgage premiums. When your repayment plan is completed, you will also be able to sell the house without the external pressure of a foreclosure.

It is also worth noting that low-priority unsecured debts can be discharged at the end of a repayment plan. This can free up your budget and allow you to pay off your mortgage with less financial strain. You may even be able to get rid of a second mortgage on your home through Chapter 13 bankruptcy.

Meet With a Seat Pleasant, Maryland Foreclosure Defense Attorney

Do you need help filing for bankruptcy to avoid foreclosure? If so, reach out to The Law Office of Donald L. Bell for legal assistance today. We are here to help you plan for the future while factoring in your present financial needs. Call our offices at 301-614-0535 or contact our Seat Pleasant foreclosure defense lawyer online to set up your free initial consultation.