Individual financial problems tend to have an unfortunate ripple effect for many people, and a manageable financial situation may unravel quickly due to a single unexpected expense. Falling behind in mortgage payments may be one of the most stressful financial issues to deal with, and the creditor calls can leave any homeowner feeling overwhelmed. Paying for daily necessities may leave you with less than you need to make your monthly mortgage payments, and the looming possibility of foreclosure may require that you take action. The good news is that filing for bankruptcy under Chapter 13 may help you stop home foreclosure and a good bankruptcy lawyer can help you navigate this process and help you gain control over other debts as well.

Specific home foreclosure procedures vary according to state laws, but missing two or three mortgage payments is enough for a mortgage company to begin the foreclosure process in most instances. Your mortgage company may not give you an opportunity to catch up on payments once the foreclosure process has begun, and the proceedings may continue and end with the lender selling your home at a public auction. A bankruptcy lawyer can help you put a legal plan into effect that will stop the collection activity immediately, and this would include Chapter 13 filing designed to keep a home out of foreclosure. Filing bankruptcy before the mortgage lender collects on your debt by selling your home will stop the foreclosure sale. All creditors must abide by bankruptcy codes, and this includes mortgage lenders as well.

A bankruptcy lawyer can ensure that your petition is filed in federal court with the necessary paperwork and legal wording. Your Chapter 13 filing should include your proposed plan for repayment, and the document should state how you plan on working with your creditors. The payments that you make would go to a designated Chapter 13 trustee each month, and the trustee would be charged with making your payments for the length of the arrangement. This type of filing may last anywhere from three to five years depending upon the individual repayment plan.

Your Chapter 13 mortgage repayment can include the complete monthly payment plus additional money to help you get caught up as quickly as possible. A plan that lasts for several years may help you repay missed payments and avoid falling behind again. You can emerge from a Chapter 13 filing with managed payments and a mortgage that is current with guidance from a good bankruptcy lawyer.