The automatic stay provisions of the U.S. Bankruptcy Code are some of the most powerful and immediate protections for people who need to be shielded from their creditors. The stay, however, is not perfect nor permanent. In fact, there are limitations built into the automatic stay provisions that limit the effectiveness for people who have filed prior bankruptcy cases. In the old days (before the current law came into effect in 2005) people could file case after case in rapid succession, dismissing the ones that didn’t work out and filing new ones to stop their creditors. For most people, these “serial filings” (as they came to be known) were made in good faith and with the best of intentions; someone would file a Chapter 13 bankruptcy to stop a foreclosure, they’d miss a few post-petition payments and the mortgage lender to obtain relief from the automatic stay. Then the homeowner would get a better job and be able to make the payments. So rather than stay in a Chapter 13 without the benefit of the stay, they’d dismiss their case voluntarily and file a new one – and get a new automatic stay in place to protect them. Not so anymore. Under the 2005 amendments to the U.S. Bankruptcy Code, a case is presumptively filed in bad faith and subject to a limitation of the automatic stay if a prior case was filed and dismissed within the past year. If 1 previous case under any of chapters 7, 11, and 13 in which the individual was a debtor was pending within the preceding 1-year period, then the automatic stay is in effect for only thirty days.

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The bottom line is a home foreclosure means losing the roof over your head. It must be your prime concern. Home means many things, but one feeling we all have about our homes, humble or grand, is the notion of the cave; somewhere safe to scuttle back to, to re-group, to make our plans, the place we want to be when sad or frightened. Losing all this, at a time when you most need it, could be crushing. There’s help out there for you, but you must drive the campaign to save your home from foreclosure. However impossible it may appear right now, do not give up! There are steps you can take to halt the process even while you hold the foreclosure letter in your hand because the outcome is not inevitable. You are urged to carefully consider the consequences if you lose motivation and resign yourself to think “I cannot save my home from foreclosure”. You may not have yet considered the extra expense involved in losing your home. If you are lucky enough to find a rental agency that will accept you, you now have to fund removal costs, find a large deposit and pay some months in advance. There are good reasons why I mention ‘if you are lucky enough’. Your reference will show your involvement in the home foreclosure process, and that you are, therefore, probably not a good rent risk! In addition, finding a rental property that will accept children, let alone the slobbering, muddy family Labrador, is often very difficult and will incur additional deposits. And all the while, you will still have to make payments on your debt.

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Foreclosure is more of a menace that is what one thinks, it is a two street though. The borrower as well as the lender has a part to play in the entire process. Foreclosure notices get served due to unforeseen circumstances, I believe that the borrower will never mess around with payments that will give ultimate ownership of his own home. It is not always imperative that you engage the services of a lawyer as if you have the knowledge and strategies up your sleeve you will be able to stop this process. Here are a few proven methods that will help you retain your home and stop just that, something that you want with all your heart. If you want to obtain a grace period then what you will need to do is avoid receiving the dreaded notice. According to the rule the notice needs to be signed and received by the one who is living in the home only then is the notice operational. It is not critical to reply to the summons promptly take your own time. Exercise discernment to avoid being fooled as there are many scams floating around out there. Refrain from signing any kind of documents that will work to your disadvantage, people will tempt you by offering easy solutions, don’t get fooled. Follow legal procedures to be on the safe side.

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No scenario is worse than a homeowner having to face the prospect of foreclosure. However, more than 50% of the American population have to face up to this fact, as an effect of the financial crisis during the past few years. Here, we will enumerate the many options that you have if your home is set to be foreclosed, and how you can choose the best one from the lot. What Every Homeowner Facing Foreclosure Needs to Know about So what’s a recession-affected, foreclosure-facing individual to do? The good news is that there are plenty of options that you can consider if you are a homeowner facing foreclosure. Remember that not all of these solutions are applicable to your particular situation. You need to consider your finances, your future plans and your current needs as a family when deciding which of the following routes to take. First, you can go for a loan modification option. This is a viable financial option if the bank agrees to change the terms of your existing home loan – allowing you to get an ‘extension period’ to stay in your home. When opting for loan modification, make sure to seek the help of a financial expert who can negotiate with the bank so that you can get a deal that works most to your advantage. Second, you can opt to have a forensic loan audit. Here, an expert will review your existing loan documents to determine if any violations were committed. Depending on the results, the auditor can use the information that they will get out of the assessment when negotiation with the bank on your behalf. Third, you can choose to have a short payoff refinancing plan. This is usually handled by mortgage brokers who will determine if you are qualified for such an option. When deciding whether to go for a refinancing plan, make sure that the solution offered by the mortgage broker will resolve your financial problems in the long term – and not just provide a band-aid solution which is merely temporary.

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Debt is frustrating and difficult. The creditor harassment is constant, and you cannot stop worrying about what will happen next. One solution is to file bankruptcy. Chapter 7 bankruptcy is the form of bankruptcy that most people use. Many people have questions about chapter 7 and what it will mean for them. This is an overview of the chapter 7 process and how it unfolds for most people. Most people file a chapter 7 because it is the fastest and easiest way to get out of debt, as well as the least expensive. Chapter 7 is ideally suited for someone who has credit card debt, medical bills, deficiency judgments, garnishments, or who wants to dispose of a house or car. If you were to try to resolve your debts on your own or pay them back, it could take years and cost you thousands of dollars. A chapter 7 bankruptcy usually costs less than $2,000 and takes about three months. Of course, during those three months you are not making any payments, you are protected by the automatic stay, and your lawyer is handling the work in your case. As soon as your bankruptcy lawyer files your chapter 7 petition, you get the automatic stay. The automatic stay requires that all of your creditors stop calling you stop harassing you and stop trying to collect a debt from you. As soon as you file bankruptcy, any garnishments against you will stop immediately. You will not lose all of your property in a chapter 7. This is a very common concern, but you should not worry about it. This is because the bankruptcy code is set up to protect your property and to give you a fresh start. In the unlikely event some of your property is subject to turnover, I can either structure your chapter 7 to protect that property or we can discuss putting you into a chapter 13. You will not lose your house or your car in bankruptcy, if you can afford to keep making the payments. If you cannot afford to keep making the payments and you want to get rid of the house or car, then you can use chapter 7 to get rid of that property and get rid of the debt. If you are behind on house payments are car payments then, depending on the size of the missed payments, you can either come to an agreement with a creditor or we can file a chapter 13. If you are making payments on something you want to keep it, then bankruptcy can help you do that.

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