In Michigan, the foreclosure process is independent from bankruptcy. The issues arise in different ways.
1. My house is being foreclosed so I must file for bankruptcy even if I don’t want to keep it. This is not true. If your only debt is the mortgage, typically there is no deficiency to pay or the bank doesn’t pursue it. You may not need to file. If you have a first and second mortgage, the second mortgage may sue you for the debt and you may need to file bankruptcy.
2. My house is being foreclosed on and I want to save my house. A Chapter 13 bankruptcy can require the bank to take the back payments and give you time to get the mortgage payments back on track. This is done by dividing the arrears over 60 months. Effectively you will pay the regular mortgage payment plus a little bit to get the mortgage current (i.e. 6,000 dollars behind over 60 months is an extra 100.00 dollars).
When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options. Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.
Call for a free phone consultation. Our office can help.
KRUPP LAW OFFICES PC
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or Mail@krupplaw.com
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