Using Chapter 7 or 13 Bankruptcy Cases as an Alternative to Foreclosures
Created on February 08, 2017
Bankruptcy is emerging as an important foreclosure prevention strategy. Not only does the bankruptcy filing bring an immediate halt to the foreclosure process, but it provides tools for remedying the underlying problem, including catch-up plans, strip-off of second mortgages, and loss mitigation for mortgage modification negotiations. Bankruptcy can also remove unrelated debts, such as credit card and medical debts, freeing up the debtor's resources for making mortgage payments. In many cases, bankruptcy may be the best foreclosure defense alternative available.
This CLE, presented by Ndukwe Agwu, senior staff attorney in the Consumer & Economic Advocacy Program at Brooklyn Legal Services, will explore what can be achieved when using bankruptcy to avoid foreclosure.
- Learn when bankruptcy can save a home from foreclosure
- Understand the different types of bankruptcy and what they can do for your client
- Discover the tools available for foreclosure prevention in Chapter 13 bankruptcy
Identify the limits of bankruptcy and where other remedies should be considered.
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