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"I'm facing a foreclosure and a repo"

Question: I need to file an emergency bankruptcy. I'm in a situation where I'm facing a foreclosure and a repo of my car. I need to stop the foreclosure so I can keep my house and I need to stop the repo because I need my car.

I want to file a bankruptcy as soon as possible. I got into financial trouble when I got divorced and when I lost my job. I was working for a software company and we merged with another company and I got laid off. I found another job but it doesn't pay nearly what I was making. So I got behind on the mortgage and I got behind on my car payments.

Now I've found a second job so I can pay the car not and the house note. The problem is that I have a lot of arrears. I'm behind on the mortgage about 4 months and I haven't paid for my vehicle in about 3 months.

Making future payments won't be a problem. I can afford to make payments in the future. But I'll never get caught up with what I owe. What should I do to stop the foreclosure and the repo?

L.Z. in Sandy Springs, GA

Answer: It sounds like a chapter 13 will help you. The chapter 13 will allow you to put the monies that you owe for the mortgage and the car into an affordable 5-year payment plan. That is, you can pay back all of the money you are behind on the car and the house over 5 years. A chapter 13 allows you to pay all of your car and home arrears back over 5 years.

All you need to do is to make your mortgage and car payments going-forward; we will put the late amounts into a bankruptcy plan.

And once we file, there can be no foreclosure or repossession. By law it must stop. A chapter 13 stops a repo and foreclosure.

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