Louisiana foreclosure: Chapter 13 bankruptcy may save your home

One important source of foreclosure relief is the filing of a Chapter 13 bankruptcy petition in the U.S. Bankruptcy Court.

2013-02-23

February 23, 2013 (Press-News.org) Like the rest of the nation, many homeowners in Louisiana are struggling with the real possibility of home foreclosure. In addition to all of the economic challenges we face as a nation, many Louisiana homeowners still feel the financial impact of having to recover from any one of several severe hurricanes that struck the state in the last decade.

Louisiana numbers

In December 2012, the state had a "medium" foreclosure rate as compared to those of other states, according to RealtyTrac. However, with one of every 1,262 homes in foreclosure, Louisiana's rate was still higher than that of each of its bordering states.

A look at the foreclosure rate in your city can be very sobering. New Orleans cityBusiness recently reported on RealtyTrac's 2012 foreclosure data for Louisiana metropolitan areas compared with 212 cities nationwide, ranking the following Louisiana cities as follows:
- New Orleans: 100th at 6,317 filings or one of 85 homes
- Baton Rouge: 108th at 3,608 filings or one of 91 homes
- Lafayette: 153rd at 821 filings or one of 141 homes
- Shreveport: 161st at 1,133 filings or one of 153 homes
- Houma: 174th at 464 filings or one of 178 homes

Fight for your home

As soon as you start to struggle with mortgage payments and certainly if you are already facing foreclosure, speak with an experienced Louisiana bankruptcy attorney to understand your rights and options. A skilled bankruptcy lawyer can explain your options in bankruptcy. Don't wait until the mortgage arrears are too high to fix.

Chapter 13

One important source of foreclosure relief is the filing of a Chapter 13 bankruptcy petition in the U.S. Bankruptcy Court. (Chapter 13 refers to the U.S. Bankruptcy Code.) Also known as reorganization bankruptcy or a wage earner's plan, the filing triggers an automatic stay of legal proceedings against the debtor, which stops foreclosure or a forced sale of his or her home. During the pendency of the bankruptcy, the lender may not attempt collection or harass the debtor about the mortgage debt.

The repayment plan

Chapter 13 allows a qualified homeowner with a stable income source to develop a plan to repay debts, in full or sometimes in part, usually at reduced monthly payment amounts and interest rates. The plan is initially proposed by the debtor, but must be approved or "confirmed" by the federal bankruptcy court after review by the trustee and an opportunity for the creditors to object to their treatment in the plan. Disputes between the debtor, through his or her bankruptcy attorney, and the creditors are resolved by the bankruptcy judge.

A bankruptcy trustee is appointed to assist with plan administration, including receipt of the debtor's monthly payments for distribution to creditors according to the terms of the approved plan.

During the time period covered by the plan while the foreclosure is frozen, a condition of keeping his or her home is that the homeowner make the mortgage payments that continue to come due. The plan will also provide for a reasonable repayment schedule to cure the past-due mortgage payments that he or she had missed before the Chapter 13 filing.

A knowledgeable Louisiana bankruptcy lawyer can answer your questions about foreclosure and Chapter 13, and explain what legal options are available to you.

Article provided by Derren S. Johnson & Associates
Visit us at www.derrensjohnson.com

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Louisiana foreclosure: Chapter 13 bankruptcy may save your home

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