Stop Home Foreclosure in Maine

Avoiding Home Foreclosure

You may be able to avoid bank or mortgage foreclosure on your home in Maine by filing for Chapter 13 bankruptcy.  Often, the most satisfying and successful bankruptcies are those that involve a partial repayment of debts through financial reorganization. Clients with the ability to repay some debts will be able to protect more property and incur less damage to their credit scores through the Chapter 13 bankruptcy process.

Filing Chapter 13 Bankruptcy may save your home:

  • Avoid foreclosure - The #1 reason for choosing Chapter 13 bankruptcy over chapter 7 is to save your home from foreclosure.
  • Curing Home Mortgage Arrears - If a debtor is behind in his or her mortgage payments and facing a foreclosure, Chapter 13 can permit the debtor to cure the defaults and reinstate the mortgage.
  • Retain Non-Exempt Property - Chapter 13 enables debtors to retain property which would otherwise be liquidated in a Chapter 7.
  • Control the Sale of Property - Chapter 13 permits a debtor to liquidate property in a manner and at a time which can generate the highest value. Liquidation sales may encourage buyers to offer less than market value at a time when receiving a high price for property is essential for a debtor's financial rehabilitation.
  • Refinancing Home and Future Credit - It may be easier and quicker to refinance a home purchased while in Chapter 13 than if that same debtor filed Chapter 7.

Why Choose Chapter 13 over Chapter 7? - read a more complete analysis of Chapter 13 vs. Chapter 7 bankruptcy.

Are You Eligible for Chapter 13 Bankruptcy?

First and foremost you should consult with a debt relief agency to determine all of your available options for handling your debt and avoiding foreclosure. It is important to have good legal advice when dealing with home foreclosure in Maine. Contact Molleur Law Offices today and learn about options you have to get rid of debt.

  • A strong candidate for Chapter 13 must have a stable income and an ability to commit to a long term (up to 5 years) financial plan. (view the basic requirements)
  • If a debtor has had trouble with self control in the use of credit cards and/or frequently fallen behind in mortgage or car loan payments, that individual may be a poor candidate for a Chapter 13.
  • A Chapter 13 plan requires a debtor to stay on a cash budget for a 3 to 5 year time period.
  • Learn more about filing Chapter 13 Bankruptcy in Maine
  • Read about the Process of a Chapter 13 Bankruptcy Case

There may be other solutions that will accomplish your primary goal more effectively than a cookie-cutter solution.  Please contact our offices today and learn about all of your options to prevent house foreclosure by filing bankruptcy in Maine.

Call (207) 283-3777 and set up your consultation today.

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