Maryland Bankruptcy & Foreclosure Lawyers

When money gets tight, individuals may struggle to cover essential expenses such as mortgage payments. Individuals who are unable to pay their mortgage may face foreclosure. Fortunately, there are options available to help avoid foreclosure.

Bankruptcy often prevents home foreclosure. If you are experiencing a period of financial difficulty and are in danger of losing your home, contact the Maryland bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.

Chapter 7 Bankruptcy & Foreclosure

When an individual declares Chapter 7 bankruptcy, he or she agrees to have his or her material possessions liquidated in order to pay off creditors. Under Chapter 7, though, individuals are allowed to keep exempt property. Exempt property is usually defined as:

• An individual’s home
• One automobile
• Gifts and court-awarded monies

An individual declaring Chapter 7 bankruptcy will likely be allowed to keep his or her home but will need to restructure his or her home loan so that payments are more manageable.

Chapter 13 Bankruptcy & Foreclosure

Keeping your home when you declare Chapter 13 bankruptcy may require you to follow stringent guidelines. Unlike with Chapter 7, individuals declaring Chapter 13 bankruptcy do not agree to have their assets liquidated. Instead, they work out manageable payment plans with their creditors.

In many cases, this does not stop a home from being foreclosed. However, an individual’s bankruptcy agreement may contain a clause that allows him or her to avoid foreclosure.

Contact Us

No matter which chapter you declare, the Maryland bankruptcy and foreclosure lawyers of Chaifetz & Coyle, P.C. can help guide you toward a plan that will allow you to keep your home. Contact us today at 443-546-4608 to learn more.