Overland Park Foreclosure Lawyer
Stop Foreclosure in Kansas: How Bankruptcy Can Help
Facing the prospect of your home being foreclosed on can be a nightmarish situation. It’s an existential threat to your way of living and can have far-reaching consequences. But the law provides people with several options they may not be aware of or may simply need help in understanding and utilizing. A foreclosure attorney like Sarah can guide you through the entire process and help you understand where filing for bankruptcy might be a good option.
Understanding Bankruptcy for Foreclosure Prevention
You may have heard that bankruptcy can stop foreclosure. In the short term, that is true. Filing for bankruptcy, regardless of whether it’s Chapter 7 or Chapter 13, puts an immediate stay on foreclosure proceedings. It doesn’t matter if you file for bankruptcy a day before the bank plans to foreclose. The court puts a halt to foreclosure–for the time being.
What happens after that depends on several factors. The best way to understand how the system works is to first lay out how foreclosure proceedings go, and then consider how Chapter 7 or Chapter 13 bankruptcy filings impact them.
Don’t let your home be foreclosed on without a legal fight! Call Sarah at (913) 372-3556 or use the online form to schedule a free consultation.
Proof That a Brighter Future Is Possible
Discover how real people overcame debt and reclaimed their future with Sarah’s help.
At The Law Office of Sarah Sypher LLC, your satisfaction is our priority! See for yourself what our clients have to say about working with us.
-
C.K.
Sarah Sypher and her team did exceptional work on our case. They were highly professional and always got back to us in a timely manner. Filing for bankruptcy was a scary experience, but Sarah made the process smooth and manageable. She took the time to explain our options and provided the knowledge we needed to choose what best fit our situation. I would highly recommend her to anyone needing to file. -
Used Sarah to file my bankruptcy. She made it very easy and straight forward.S.G.
-
Mrs Sypher communicates well, is knowledgeable of the law, and will work tirelessly to keep your interests in mindFaye A.
-
I had a very good experience with Sarah! I would recommend her to anyone dealing with a bankruptcy.Kristine
-
Sarah was very helpful and explained all of the processes in my legal issues. Even 3 years later, she is happy to follow up promptly with answers to my questions.Eddie C.
-
Sarah was very informative, professional and answered all my questions in helping me file for Chapter 7. I recommend her very highly.D.C.
-
Very efficient law office. I was treated will respect which really helped me because I felt humiliated embarrassed to take out bankruptcy. Sarah was uplifting and easy to talk to.She was there every step of the way. I'm so glad I found her!B.P.
-
Sarah and her team are amazing!!!Jennifer H.
Chapter 13 Bankruptcy & Foreclosure
In a Chapter 13 filing, there is also an injunction against any foreclosure proceeding. When the bankruptcy is ultimately approved, all your debts, including the outstanding mortgage, will be put in the hands of a designated trustee. You will make a single monthly payment to the trustee, who will then distribute the money to creditors.
Chapter 13 repayment generally lasts 3 to 5 years. The court will determine the amount of your monthly payment based on your income level and expenses. At the conclusion of your payment schedule, you will be released from all unsecured debt, which includes the mortgage. It’s the trustee’s job to juggle the various debts, thus relieving you of a significant amount of stress.
One important caveat for those who own a condominium–Homeowners Association (HOA) fees are not eliminated in a bankruptcy filing. At the end of the repayment process, you will still owe whatever could not be repaid under the trustee.
Many homeowners consider Chapter 13 when they want to:
- Catch up on missed mortgage payments – A structured plan can spread the arrears over several years while you keep making your regular payment.
- Protect other important assets – If you have a car or other property you want to keep, Chapter 13 may provide more flexibility than Chapter 7.
- Address multiple types of debt at once – The repayment plan can include credit cards, medical bills, and certain tax debts, along with your home loan.