Can Bankruptcy Stop Foreclosure???

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Dear Canu Torrice Law attorneys at  www.alllegalmatters.com

Like everyone else in Michigan I lost my job and am unemployed for last 6 months. My house is in foreclosure, my wife only makes 30K a year, our savings is amost gone and my 401k is hit up…I’m not sure how this works so please let me know if Bankruptcy will stop this foreclosure until I hopefully find a job?

Also, will my 401k money be protected when filing bankruptcy?

Thank you for your help www.alllegalmatters.com

Comments

  1. paul on May 9, 2009 at 6:14 pm said:

    This is a Bankruptcy Law question for Canu Torrice Law’s bankruptcy attorney Peter Torrice … he will be reviewing posts this weekend.

  2. Depending on the type of Bankruptcy you file, Chapter 7 or Chapter 13, you may be able to save your house from foreclosure. If you want to save your home and have not been foreclosed on then Chapter 13 may be right for you. However, if you can’t make the payments then saving your home may not be an option. To evaluate it better you should come in for an appointment to discuss it more. As for the 401k you should be able to “exempt” the entire amount. To determine this I would need you to come in for an appointment to review your paperwork. Call the office for an appointment at 586-285-1700

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