Many homeowners file for bankruptcy to stop foreclosure in Maryland. It has been effective in helping them save their homes. Due to one reason or the other, homeowners might find it challenging to make their monthly mortgage payment. Some cause can be economical, while others can be personal circumstances such as divorce, job loss, etc. Whatever your reason for not being able to make a payment, make sure to take steps as soon as possible to prevent unnecessary charges. Filing for bankruptcy is one of the most common ways to stop foreclosure, and its effect is usually immediate.

From the very day you filed for bankruptcy, the court granted an automatic stay order, and all creditor’s activities will be prohibited. Foreclosure is also a creditor’s activity as its purpose is to help your lender gain their funds back. Therefore, the foreclosure will be stopped, and depending on the type of chapter you filed, the effect can be permanent. Most homeowners prefer to file for chapter 13 bankruptcy as it makes it easier to keep their homes. However, you have to be willing to get back on track with your mortgage payments. Chapter 7 bankruptcy can help you get rid of the debt, but your properties, which include your home, will be sold in the process.

Make sure to research your options adequately and find out which of the chapters is best for your financial situation. You will need the service of a foreclosure or bankruptcy lawyer to help you with this process. Please do not attempt to file for bankruptcy on your own, as it can cost you significantly. Filing for bankruptcy to stop foreclosure is a legal process; let an expert handle it for you. A lot of liabilities can be incurred from bankruptcy; having a lawyer helps you save you from all of it.