Filing for Bankruptcy To Stop Foreclosure: Chapter 7 vs. Chapter 13

Filing for bankruptcy to stop foreclosure is an option available to homeowners in financial distress. When a homeowner is unable to make their mortgage payments, they can file for bankruptcy in order to avoid losing their home. There are two primary types of bankruptcies that may be used: Chapter 7 and Chapter 13.

Chapter 7 bankruptcies allow debtors to discharge some or all of their unsecured debts and the associated collection activities, such as foreclosures. This type of bankruptcy typically lasts three to five months from start to finish and there is no repayment plan involved. However, this type of bankruptcy does not protect a homeowner’s assets such as cars or houses from being liquidated by creditors.

The Law Offices of Omar Zambrano has helped thousands of people and them businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706