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LEgALLY SPEAKiNg by James W. Pruitt Attorney at Law CAN BANKRUPTCY PREVENT FORECLOSURE? Homeowners faced with foreclosure might want to consult with an attorney about filing for Chapter 13 bankruptcy to save their homes. Once the filing is made, the federal bankruptcy court issues a “stay” that bars all creditors (including mortgage lenders) from attempting to collect on debts without the court’s permission. Once a repayment plan is approved, homeowners filing Chapter 13 bankruptcy are protected from foreclosure during the plan’s entire period as long as they continue to make the required plan payments and loan payments. The debt repayment plan must show that the Chapter 13 filer has enough income to continue to make mortgage payments, gradually make up missed payments, and pay back a percentage of other debts. For bankruptcy advice call Pruitt Law Offices S.C. at 262633-8301. Our offices are located at 731 Main Street in Racine. We are your partners for professional service. Advertisement

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