Is Bankruptcy an Option in Foreclosure?

Welcome to The Foreclosure Fix Podcast, your essential resource for mastering the foreclosure process and safeguarding your home. I'm your host, DJ Olojo, and our mission is to support one million homeowners in their journey through foreclosure. If you share our mission's vision, please subscribe, like, and share this podcast with someone who can benefit from this invaluable knowledge.

In this episode, we are honored to have Roger Kraft, a seasoned bankruptcy attorney, as our special guest. Roger has dedicated years to assisting homeowners facing foreclosure, and he brings a wealth of knowledge to our discussion.

Let's dive deep into the conversation with Roger Kraft:

Key Takeaways:

• Timing is Crucial: Seek professional help from a bankruptcy attorney well in advance of foreclosure proceedings to maximize your options and minimize costs.
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• The Critical Question: Before taking any action, decide if you genuinely want to retain your home, as this choice will determine the bankruptcy approach you pursue.
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• Chapter 7 vs. Chapter 13: Understand the differences between Chapter 7 (liquidation) and Chapter 13 (restructuring) bankruptcies, selecting the one that aligns with your goal of keeping your property.
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• Automatic Stay: Filing for bankruptcy triggers the automatic stay provision, temporarily halting foreclosure proceedings. However, without a plan to address arrearages, the bank may seek permission to proceed with foreclosure.
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• Risk of Financial "Games": Repeated or strategic bankruptcy filings can lead to banks seeking relief from the automatic stay and may impact your ability to negotiate with lenders.
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• Consequences of Foreclosure: Be prepared for potential outcomes if bankruptcy doesn't prevent foreclosure, as the bankruptcy trustee may oversee the sale of the property.
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• Prompt Legal Advice: Consult a bankruptcy attorney to explore tailored solutions and make informed decisions that suit your unique foreclosure situation.

Thank you for joining us on this episode of The Foreclosure Fix Podcast. Stay tuned for more expert insights and strategies to navigate foreclosure successfully, featuring guests like Roger Kraft.