Will I Lose My Home if I File for Bankruptcy in New York?

There are few things more frightening than the prospect of losing one’s home. Unfortunately, when people accrue multiple debts and can no longer find the means to pay off those debts, they often start worrying about what the future holds. Can they keep their home? Their car? Will they have to go out on the street? These are all extremely overwhelming thoughts, especially if someone has a family to support. The scariest of all thoughts is those regarding whether you will lose your home if you file for bankruptcy.

That being said, you do have options on the table, even if it may not seem like the case now. In fact, in many cases, you may actually have more options than you may think, even if you are currently faced with foreclosure on your home. If you are currently facing a foreclosure, you must continue reading and speak with our experienced Rockland County bankruptcy attorney to learn more about how filing for bankruptcy can actually help you keep your home, even in the face of foreclosure.

How can filing for bankruptcy help me keep in my home?

For individuals, there are three primary types of bankruptcy: Chapter 7 bankruptcy, Chapter 11 bankruptcy, and Chapter 13 bankruptcy. That being said, the one thing that all three types of bankruptcy have in common is the Automatic Stay. Essentially, the Automatic Stay goes into effect the moment you file for bankruptcy and will halt all creditors’ collection activities. This includes your home. Therefore, from the moment you file for bankruptcy, all collection agencies will be prohibited from taking your home away until the bankruptcy process is completed. Furthermore, in most bankruptcy cases, once all dischargeable debt is wiped out, you can go on living in your current home, debt-and-worry-free. This is a huge sign of relief to many individuals who find themselves unable to keep up with their debts.

The bottom line is that if you find yourself in this unfortunate situation, you must retain the services of an experienced Rockland County bankruptcy attorney as soon as possible. Our firm has helped countless individuals get back on their feet once again (while keeping their homes) and we are ready to do the same for you. All you have to do is pick up the phone and give us a call today

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represent clients facing bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.