The year 2009 showed more and more American families losing their homes to foreclosure. It was sadly due to the fact that many of these people did not know about Federal Bankruptcy Laws that would have definitely stopped the foreclosures of their properties. People would have been protected against those creditors who are greedy and unscrupulous if they have applied the Federal Bankruptcy Laws. Note though that idea may seem fairly straight forward, it is extremely complex to execute the process of the laws.
For the process to start, there is a four page ‘voluntary petition” that the person has the file at the District Couthouse. Basic information like name, address, phone and financial information, are among what you will input in the petition.
The number two step you will do is to fill out a “mailing matrix” where you will write down a list of creditors how are holding anything of value you own money on, like real property, your house, your car and others, which they used as a hold for your collateral loan.
The third step is stating your social security number. If you are filing in order to save your home, you will now file the Credit Counseling Certificates together with the petition, and this will make the “automatic stay” active which will hold all collection actions.
There are then other forms that you have to fill up after you have accomplished the above forms, like schedule A to J forms, of which you have 14 days to accomplish of what are required.
Next is you will have to declare that the information you have provided are true and correct to the best of your knowledge under penalty of perjury, and this is the form of Declaration Concerning Debtors Schedules.
There is also a summary of schedules where each schedule has amounts summarized under Summary of Schedules, and must report these information in Statistical summary of Certain Liabilities and related data.
Be aware too of these forms or processes or documentations that will show for example how much you want to pay your filing fee through installment basis, a statement of financial affairs, and a Chapter 13 where basing on your current income per month, your commitment period and your disposable income will be calculated.
There is also the process of Debtors Certification of Completion of Post-Petition, and Amendment Cover Sheet, the Repayment Plan of Chapter 13, which is the most important part of the Bankruptcy Laws.
The above processes, will give you the ability to stop your home from being foreclosed, will make your repay your debts over a period of time for small amounts.
If you want more information and specific solutions in your particular case, it is better to seek the help of a bankruptcy lawyer to assist you.