You are here

New Orleans Bankruptcy Attorney Case Study: Stopping Foreclosure/Sheriff Sale with Chapter 7 in New Orleans, Louisiana

Print

Early 70s male has a home that has a pending Foreclosure/Sheriff Sale in New Orleans, Louisiana came in to the Gretna, Louisiana office to look at bankruptcy options.. He has tried to modify the loan several times but the mortgage company has refused to qualify him. Accordingly, today is approximately 3 years behind with the mortgage. He has limited income, retirement and Social Security benefits.  He also has approximately $30,000 of unsecured debt and a vehicle loan that is up-to-date. While we examined the possibilities of retaining the property through the chapter 13 bankruptcy, it was ultimately determined that the house note and the plan payment would be more than he could afford with his limited income. Further, the property value has declined and he owes more on the property than it is now worth. Accordingly, he decided to file a chapter 7 bankruptcy through which he could surrender the property and wipe out any deficiency balance while continuing to live in the property until it goes through the Foreclosure/Sheriff Sale process. Further, the filing of the chapter 7 bankruptcy will wipe out the $30,000 of dischargeable debt and, since he was current on his vehicle he will be able to retain it by continuing to make regular monthly payments.

The attorneys and lawyers at the bankruptcy law firm of Kirkpatrick and Associates have helped good people through bad times in Southeast Louisiana since 1999. The parishes we serve are Orleans, Jefferson, Assumption, Lafourche, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, Terrebonne and Washington. So whether you live in New Orleans, Metairie, Gretna, Avondale, Chalmette, Belle Chasse, Slidell, Covington, Mandeville, LaPlace, Houma, Thibodaux, Luling, Ponchatoula, Hammond, Amite, Kentwood, Franklinton or Bogalusa, our bankruptcy lawyers and attorneys are here to help.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.