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How to Save Your Home

Wisconsin Home Foreclosure Attorney

If you believe you are in danger of losing your home because you have fallen onto hard times, you are strongly urged to contact an experienced home foreclosure attorney at Debt Advisors, S.C. today. Learn how Chapter 7 or Chapter 13 bankruptcy laws may hold the keys to saving your home.

Chapter 13 Bankruptcy is a Powerful Tool that can Save Your Home

Chapter 13 bankruptcy is a very powerful tool that can save your home if you have fallen behind on your mortgage payments and you want to rescue your home from mortgage foreclosure. As soon as you file Chapter 13 bankruptcy, an “automatic stay” goes into effect. This “stay” stops your mortgage company from continuing to foreclose on your home.

You can file a chapter 13 bankruptcy to stop a mortgage foreclosure, provided you:

  • Are employed or have a steady source of income;
  • Have enough income to make your Chapter 13 plan payments, and your current mortgage payments after the Chapter 13 is filed.

Chapter 13 plan payments are fixed so that you can meet all your living expenses first and then pay any surplus income to creditors.

Chapter 7 Bankruptcy May Offer Temporary Defense against Foreclosure

Chapter 7 bankruptcy is a liquidation bankruptcy. A Chapter 7 will typically eliminate:

  • credit card debt;
  • installment loans;
  • pay day loans;
  • medical bills, and most other unsecured debt.

In most cases, consumers will keep all of their property. If you are facing foreclosure on your home, the automatic stay created by your Chapter 7 filing serves as a temporary defense against home foreclosure. As opposed to Chapter 13 bankruptcy, Chapter 7 will give you a fresh start, but will not provide you with the opportunity to catch up with your mortgage payments.

However, Chapter 7 bankruptcy will allow you to discharge, or eliminate, any deficient balance owed to your mortgage company if your house is sold for less than the outstanding balance owed to the mortgage company.

Chapter 7 cannot stop a bank or mortgage company from foreclosing on property. Chapter 7 will temporarily delay the home foreclosure proceeding, but it cannot provide the long-term protection of Chapter 13 because no plan to repay the mortgage delinquency is proposed.

For more detailed information about home foreclosure and bankruptcy, see our home foreclosure resource center. We encourage you to contact a Wisconsin bankruptcy lawyer at Debt Advisors, S.C. to schedule a free initial consultation. We have offices located in Milwaukee, Madison, and Oshkosh.

We are a Debt Relief Agency. We offer legal advice related to bankruptcy, and help people file for relief under the Bankruptcy Code.

Milwaukee ● Madison ● Oshkosh ● Green Bay ● Sheboygan ● Racine & Kenosha

Reviews by Google Users

  • review rating 5  A few years ago I found myself drowning in debt, after doing some research I decided I would get some help in dealing with that debt, so I reached out to Debt Advisors Law Offices. I was scared, nervous, and embarrassed that I had gotten to this point but after my first meeting with Debt Advisors I knew I was making the right decision. They made me feel comfortable and confident in my decision to move forward. The best part was it was all on my time, I felt no pressure from them which was amazing. They were always available to answer my questions and help me through the process. A couple years after my case closed, I reached out to get some information and within that same day they responded to me and remembered me! Truly a wonderful firm to work with!

    thumb Weston Jones
  • review rating 5  Best place to relieve your debt. Debt Advisors offers a seamless process which is both worry and stress free. Flexible payment options and quick turn-around. The staff is very knowledgeable and goes above and beyond to deliver satisfaction!....Hands down Debt Advisors is the BEST!

    thumb Nina Ross
  • review rating 5  Greg and his staff are great! They made the whole process easy and made everything clear to understand. You don’t second guess nothing. They are with you every step of the way and if you have any questions they definitely have the answer for you.

    thumb Ethan Wemmer
  • review rating 5  Greg and Jeremy strategized the best timing for filing based on the variables changing throughout my divorce process. The team counciled me several times on the various benefits and potential risks while we navigated the best solution specific to my particular situation. I would fully recommend their expertise and their customized approach of how they manage their clients financial recovery.

    thumb Pringle Productions
  • review rating 5  These people are great! They have been so helpful and polite, even during my most stressful moments. I’m sure I got on their last nerve! But they remained courteous and helpful to the end!

    thumb Latasha Messer
  • review rating 5  Great firm to work with. Very helpful and considerate for the many questions I am sure they hear many times over.

    thumb Anonymous
  • review rating 5  Attorney Schomburg went above and beyond to help me through my bankruptcy. It is amazing to have worked with a man of such incredible integrity. Thank you!

    thumb Maggie Robertson
  • review rating 5  It was a positive and life changing experience working with Attorney Schomburg of Debt Advisors. He was professional, competent and non-judgmental.I commend Attorney Schomburg and Debt Advisors for providing Money Sharp's Credit Counseling Services.I walk away feeling confident, being educated and optimistic about my financial future.I

    thumb Donna King King
  • review rating 5  Attorney Georg has been a life saver for me. he has been the best lawyer, counselor, and friend he treats you like your apart of his family. I was going thru a divorce at the same time of the bankruptcy. He really cared about my mental health I really appreciate that. He was so loyal and committed to me and my case . I give him 100% he gave me 100%

    thumb Teresa Touchstone
  • review rating 5  I have worked with several people in the office and I have never felt looked down on or made to feel embarrassed about my situation. They really go above and beyond in truly caring about their clients. Not just as clients, but as people too. I've recommended several people here and will continue to do so. Professional, affordable and kind. What a great combination!

    thumb Catie Y

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