With the proliferation of interest only loans in the last few years, more and more homeowners are finding themselves making late mortgage payments and facing foreclosure.

Bankruptcy can stop a foreclosure instantly. By developing a repayment plan, our bankruptcy attorneys can successfully restructure payment of your late mortgage payments (called mortgage arrears).

In a chapter 13 bankruptcy, a debtor is able to repay missed mortgage payments to the mortgage lender over a course of 3 to 5 years. By spreading the back mortgage payments out in a chapter 13 plan, homeowners can save their homes from foreclosure while protecting their hard earned equity in the house.

If you are facing foreclosure, time is of the essence. It is extremely important that you speak with a bankruptcy lawyer as soon as possible. The new bankruptcy law has certain provisions built into the law that are designed to delay an honest debtor from filing. Homeowners trying to save their homes from foreclosure must act quickly to minimize the harsh provisions of the new bankruptcy law.