How do I stop a foreclosure sale in Louisiana?

Stopping foreclosure sale requires immediate action. This means filing personal bankruptcy. Filing personal bankruptcy is the best way to stop a foreclosure sale because it comes with an automatic stay. The automatic stay immediately prohibits your creditors from starting or continuing any debt collection activities such as foreclosure, lawsuits or garnishments. This means that once your bankruptcy petition is filed with the U.S. Bankruptcy Courts, you home must be taken off the auction block. The best part about filing personal bankruptcy to stop a foreclosure sale is that your petition can be filed up until the moment your home is supposed to be sold at auction.

When filing bankruptcy, you must choose chapter 13. Chapter 13 is the only bankruptcy chapter that can save your home. It is for wage earners or people with stable income and who have enough disposable income to pay your back mortgage payments.

The way chapter 13 works is that it is the legal process to repay your back debts. In 36 to 60 months, you make monthly payments through a repayment plan. You don’t make bankruptcy payments to your lender, but a third party called a bankruptcy trustee. The trustee then pays your creditors. You must pay your mortgage payments every month.

When stopping foreclosure sale Louisiana, it important to contact bankruptcy lawyer immediately. The lawyer will immediately file your bankruptcy petition and make sure that your lender and individuals over the foreclosure sale know about you chapter 13 filing.