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There are several types of Bankruptcy.  This page is intended to give you an overview of a couple of plans that may help help you in saving your property or in saving your equity. Oracle Gale LLC are not attorneys.  We don't give legal advice and it shouldn't be construed as legal advice in any way.  Good legal advice about bankruptcy needs to be by a good competent attorney.

Chapter 7.      This plan attempts to get rid of all of your debt.  It can delay a foreclosure for a little while, because bankruptcy puts an automatic STAY, on all civil proceedings.  It may give you time to sell your property or give you time to raise funds to bring your mortgage current.   If this is something you are considering, click on the following link to find a Bankruptcy attorney.

Chapter 13.   This plan re-organizes your debt.  It can delay your foreclosure for up to 5 years.  You have to put a plan together with an attorney and file it with the court.  You can spread the amount you are behind in payments over a period of time.  A good attorney can negotiate with your creditors in making payback arrangements, at a reduced amount.   The plan has to be approved by the bankruptcy court.

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