Chapter 13 of the Bankruptcy Code allows you to save your home from foreclosure. Foreclosure is a huge problem for a lot of Utahns. According to RealtyTrac’s third quarter/September 2011 U.S. Foreclosure Market Report, one in every 145 Utah households registered a foreclosure filing during the three-month period from July to September. When an economic downturn hits, the middle-class takes the brunt of the hardship. A job-loss, decreased income, or underemployment are problems that many of our fellow Utahns face.
The situation in Utah has improved in recent years, but the foreclosure numbers are still alarming. The rate was an 18 percent decrease from the previous period and nearly 39 percent lower than the third quarter of 2010.
The report showed foreclosure filings — default notices, scheduled auctions and bank repossessions — increased less than 1 percent from the previous quarter and declined 34 percent from the same period last year. Nationally, the report showed one in every 213 U.S. housing units with a foreclosure filing during the quarter.
When a person or married couple files for relief under Chapter 13, he/she can make up past due mortgage payments through a payment plan over a 3-5 year period. If you have vehicle loans, in many circumstances there is a way that you can reduce your loan amount to the actual value of the vehicle. You can also keep all of your property while you are going through the bankruptcy process. Chapter 13 has helped millions of Americans stay in their homes, substantially reduce their debt load, and eventually receive a discharge from much of their debt. If you, or someone you know, is on the brink of foreclosure- have them call our office. We can help!
