New Jersey Attorneys Helping Stop Foreclosures
Receiving a notice of foreclosure is an overwhelming experience. It is normal to feel scared, embarrassed or paralyzed by the uncertainty of what comes next. However, facing foreclosure does not mean you are out of choices. Federal law provides powerful protections to help you halt the process, buy valuable time and restructure your debts so you can keep your home.
At Goldman & Beslow, LLC Attorneys At Law, we understand the immense stress you are under. From our offices across New Jersey, we help families map out a clear path forward.
How Filing For Bankruptcy Can Instantly Stop Foreclosure
Filing for bankruptcy to save a house might sound contradictory, but the bankruptcy code is one of the most effective foreclosure defense tools available. The moment your bankruptcy petition is filed, the court issues an automatic stay. This federal injunction forces your lender to instantly halt all collection actions, foreclosure lawsuits and scheduled Sheriff’s Sales, giving you the breathing room to fix your finances.
Chapter 7 Bankruptcy: Low Or Negative Equity Protection
If you want to wipe out credit cards or medical bills so you can afford your mortgage, Chapter 7 can help. Eliminating these secondary debts can make your housing expenses sustainable long-term.
To protect your home, New Jersey debtors can use federal bankruptcy exemptions. These shield up to $31,575 of home equity for an individual, or $63,150 for a married couple.
A fluctuating real estate market can also work to your advantage. If your home has “negative equity,” meaning it is worth less than your remaining mortgage balance, there is no exposed equity for a trustee to sell. As long as your regular monthly mortgage payments are up to date, you can typically file Chapter 7 and keep your property.
Chapter 13 Bankruptcy: Reinstatement And Catching Up
If you have substantial home equity or are already months behind on your mortgage payments, Chapter 13 bankruptcy helps stop foreclosure and preserve your property.
- Cure and maintain: You continue making your monthly mortgage payments while bundling your past-due arrears into an affordable repayment plan.
- Interest-free reorganization: Your past-due balance is spread out over a three- to five-year period and repaid in monthly installments with zero interest.
- Debt discharge: At the end of your repayment term, any remaining balances on your unsecured debts are legally wiped away forever.
- Post-petition loan modification: Filing Chapter 13 keeps the door open to secure a permanent loan modification under the safety and structure of the bankruptcy court.
This structured repayment framework bridges the financial gap, forcing the lender to accept a catch-up plan they might otherwise refuse outside of court.
What You Can Do Next
When you are facing a financial crisis, inaction is the biggest risk. Taking small steps today can drastically change the outcome for your home.
- Gather your documents: Collect your latest mortgage statements, lender letters and any court papers stamped “Foreclosure Complaint.”
- Verify your deadlines: Note if you have received a formal notice or a scheduled sale date so your legal team knows how much time you have.
- Consult a bankruptcy lawyer: Every family’s financial big picture is unique, and website projections are purely hypothetical.
Do not rely on guesswork when your home is at stake. Talk to an experienced bankruptcy lawyer at Goldman & Beslow to learn how we can help you structure a plan that fits your needs.
Contact Our Northern And Central New Jersey Bankruptcy Attorneys
From law offices in East Orange, Paterson, New Jersey and Newark, our New Jersey lawyers can help debtors stop foreclosures. Call our experienced Essex County, New Jersey, bankruptcy lawyers today for a free one-half-hour consultation at 973-414-8069.
You can also reach out to us online. We proudly serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.