In a Bankruptcy and Real Estate Dispute in Delaware?

Be Represented by an Experienced Delaware Bankruptcy and Real Estate Attorney

When a person receives a foreclosure notice, he or she should contact a Delaware bankruptcy attorney. There are avenues that can be taken to stop foreclosure on real estate. Filing for bankruptcy or using debt management procedures is a personal decision, and the Law Office of Vivian Houghton can help a person make the best decision, depending on his or her finances and situation.

If you are having trouble paying the mortgage because of a lost job, medical reasons or other reasons, do not wait to contact a Delaware bankruptcy lawyer. The Law Office of Vivian Houghton can help a debtor keep his or her home, possibly without filing bankruptcy, depending on how far behind the debtor is. If a debtor finds that he or she cannot make the payment for a second month in a row, it may be the time to contact a Delaware bankruptcy lawyer.

Ways to Stop Real Estate Foreclosure

• Contact a Delaware Bankruptcy attorney before receiving a notice of foreclosure. It may be possible to work out a solution through debt management and settlement. Settlement may include refinancing or otherwise reworking the mortgage.
• File bankruptcy, if you have received a notice of foreclosure. Filing bankruptcy puts an “automatic” stay on foreclosure proceedings. While the monthly payments still have to be made should the debtor want to keep his or her home, the arrearages can be worked out.

Chapter 13 Reorganization

Filing Chapter 13 reorganization allows a debtor to keep his or her real estate and other assets. Contact the Law Office of Vivian Houghton for information regarding saving a home from foreclosure. The Delaware bankruptcy attorney will explain the debtor’s rights to him or her, including using bankruptcy to stop foreclosure. Though Chapter 13 reorganization allows a debtor to stop foreclosure, the debtor must still be able to pay the current payments on the home. Arrearages can be worked into a Chapter 13 bankruptcy plan.

Filing Chapter 13 reorganization also keeps creditors from harassing a debtor. Once the bankruptcy is filed, creditors are no longer permitted to start or continue collections against the debtor.

Filing bankruptcy gives a person a clean slate on which to start over. A debtor can usually rebuild his or her credit once the bankruptcy has been discharged. Arrearages on the mortgage are also cleared up after the bankruptcy, and the debtor still keeps his or her real estate (primary residence).