Thompson Law Group, P.C.

Bankruptcy is effective at saving the home

Even if keeping up with the mortgage was easy at first, some homeowners encounter financial problems that make those monthly payments difficult. When Pennsylvania homeowners miss too many payments they may end up facing foreclosure proceedings. While this is often a terrifying situation to be in, foreclosure does not have to be inevitable. When saving the home is a priority, Chapter 13 bankruptcy could be a smart option.

Many people feel embarrassed when dealing with money problems, but this does not mean that they should try and hide the problem. Instead, homeowners should speak directly with their lenders about any troubles they may be having with their monthly mortgage. It is often possible to work out an agreement that not only makes it easier to afford those payments, but to also lessen the chance of foreclosure. For example, some lenders will agree to a forbearance, which temporarily reduces or suspends mortgage payments.

Unfortunately, not all lenders are eager to work with borrowers. This could be because a forbearance or loan modification would not be sufficient to get a borrower back on track. For these borrowers, bankruptcy is a better option. When a person files for bankruptcy, an automatic stay is put into place, which temporarily ceases all debt collection attempts as well as foreclosure proceedings.

Chapter 13 bankruptcy is not a last resort, but an effective choice for a person who currently has more debt than he or she can handle. It is also a good idea for saving the home from foreclosure. This is because most Pennsylvania homeowners are able to keep their homes, vehicles and other important items throughout the bankruptcy process.

No Comments

Leave a comment
Comment Information

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response

Warrendale Office
Main Office
125 Warrendale-Bayne Road
Suite 200
Warrendale, PA 15086

Phone: 724-799-8404
Warrendale Law Office Map

Greensburg Office
101 North Main Street, Suite 104-A
Greenburg, PA 15601

Phone: 724-832-3500
Map & Directions

Canonsburg Office
Satellite Office
2400 Ansys Drive
Canonsburg, PA 15317

Phone: 724-799-8404
Map & Directions

Pittsburgh Office
Downtown Pittsburgh
500 Grant Street, Suite 2900
Pittsburgh, PA 15219

Phone: 412-823-8080
Map & Directions

Monroeville/Wilkins Township Office
Satellite Office
Building 1, 201 Penn Center Blvd., Suite 400
Pittsburgh, PA 15235

Phone: 412-823-8080
Map & Directions

Erie Office
1001 State Street
Suite 1400
Erie, PA 16501

Phone: 814-451-1125
Map & Directions

Pittsburgh Office
Greentree
651 Holiday Drive, Foster Plaza, Suite 300
Pittsburgh, PM 15220

Phone: 412-823-8080
Map & Directions

Pittsburgh Office
North Shore
322 N. Shore Dr. Building 1B, Suite 200
Pittsburgh, PA 15212

Phone: 412-823-8080
Map & Directions

Cranberry Township Office
Cranberry
2009 Mackenzie Way, Suite 100
Cranberry Township, PA 16066

Phone: 724-799-8404
Map & Directions