Phoenix Business Attorneys

Business, Bankruptcy, Estates, Real Estate, Construction



Declare Bankruptcy and Stop Home Foreclosure

Nobody wants to lose their home. If you have received a foreclosure notice from your bank, there is still time to save your house. When you file for consumer bankruptcy, you will receive an automatic stay, which will put an immediate stop to all foreclosure actions. An experienced attorney can help you explore your options and decide what type of bankruptcy is right for you.

At Carmichael & Powell, P.C., our Phoenix bankruptcy lawyers have been helping individuals and families across Arizona save their homes for more than three decades. Taking a look at your current financial situation, we will help you explore your options and find a way to protect your home. If bankruptcy is not right for you, we can help you explore other options as well.

Foreclosure in Chapter 7 and Chapter 13 Bankruptcy

A bankruptcy filing prior to the date of foreclosure will put a stop to any action by the bank to take your home. If you file for bankruptcy after the date of foreclosure, you may still have options. We will take a look at your situation and help you understand what to expect when you file for consumer bankruptcy:

  • Foreclosure in Chapter 7: Filing for Chapter 7 bankruptcy will put a stop to immediate foreclosure actions, but it is only a matter of time before the bank will foreclose your property. By filing for Chapter 7, you can give yourself the time you need to get your affairs in order before getting a fresh start.
  • Foreclosure in Chapter 13: Filing for Chapter 13 bankruptcy will put an immediate stop to foreclosure and allow you to create a payment plan to keep your home by paying your arrears over time. It may also allow you to strip off a second mortgage and get current on your first.
  • Foreclosure in Chapter 11: Individuals and businesses filing Chapter 11 bankruptcy have many of the same options available under Chapter 13 bankruptcy, although it is not possible to strip off a second mortgage on your primary residence in Chapter 11.

If you are about to lose your home, filing for bankruptcy can give you immediate relief by stopping foreclosure. Contact our Phoenix offices today to learn more.

Our Practice Areas

  • Bankruptcy

    Individual, Family & Business Bankruptcy

  • Business

    Serving small & medium sized businesses