Foreclosure is a legal situation in which the creditor occupies the asset which serves as collateral for loan. In this situation the debtor has to lend the asset to the creditor along with the deficiency balance.

1. Stop Foreclosure With Chapter 13
Repaying debt is the most typical task that a bankrupt individual has to accomplish.
Creditors need the whole amount along with the intended interest on the main amount. In such
case a bankrupt individual may end up losing his/her personal assets like car and home. In legal
language this situation is known as foreclosure. Foreclosure is a legal situation in which the
creditor occupies the asset which serves as collateral for loan. In this situation the debtor has to
lend the asset to the creditor along with the deficiency balance. Deficiency balance is the amount
which has not been recovered by the creditor after sale of the asset. In case you are in a situation
of bankruptcy then paying this amount and losing the asset could put you in more loss.
Stop Foreclosure With A Debt Consolidation Plan
Chapter 13 is a debt consolidation plan which can be greatly helpful in managing the debt in
situations like bankruptcy. You can file for chapter 13 when you are bankrupt and need court
protection against creditor. You may be now thinking that does chapter 13 stop foreclosure? The
answer to this is yes it can. Chapter 13 is a court authorized debt consolidation plan which can
help in stopping foreclosure and sale of your asset until you pay the full amount. Along with this,
it also helps in restructuring, reducing and consolidating the loan.
What Is Chapter 13?
This chapter is a complete plan to manage, reduce and restructure debt in favor of the debtor.
This plans helps in making the payment options easier for individuals who are in a situation of
bankruptcy. Apart from this it also helps the bankrupt individual in improving his financial
situation in an organized manner. Chapter 13 is a complete plan to consolidate debt and reduce
troubles for the debtor. The optimal repayment terms of this plan immensely help debtor in easily
repaying the loan amount and also gives him time to improve his financial condition.
You can easily file for chapter 13 with the help of an eminent bankruptcy attorney. He/she will
introduce you to all the pros and cons of this plan and will represent you in court. Bankruptcy
attorney specializes in dealing with loan repayment issues faced by individuals who are
bankrupt. You may easily find bankruptcy attorney in your city; all you need to do is go online.

2. For finding attorney in your city, you would have to search over the internet along with the name
of your city. For instance, if you live in Ann Arbor then you will have to search with keywords
“bankruptcy attorney in Ann Arbor.” This will get you a list of prominent bankruptcy attorneys
in Ann Arbor along with their contact information.