Due to extreme financial difficulties, some homeowners in Cedar Rapids are at risk of losing their homes to foreclosure. However, homeowners who are in such situations may benefit from seeking Chapter 13 bankruptcy protection to possibly protect their homes. The protections granted with this kind of action include:
- Homeowners are prevented from being harassed by creditors immediately, and their home is protected from foreclosure until the bankruptcy procedure has been started
- A three to five year repayment plan is established
- In some situations, the court may discharge the entire debt of a homeowner who files for Chapter 13 bankruptcy by reclassifying a second or third mortgage as an unsecured debt
You can read more about how to best defend your house against foreclosure here.
If you are considering filing for Chapter 13 bankruptcy to prevent your home from being foreclosed on in the Cedar Rapids area, get in touch with the lawyers of Hong Law, PLC. Call us today at (319) 294-5853 to find out how we may be able to help.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office