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Considering a wage-earner plan when facing foreclosure

Constantly dealing with the burdens of debt can be stressful and daunting, prompting many individuals to seek guidance in the process. In addition to countless calls and letters from creditors, those who face such hardships may also struggle in other areas of life, such as keeping up with mortgage payments. When an individual in Maryland or elsewhere is experiencing a similar situation, he or she may find it helpful to consider the potential benefits of a wage\-earner plan.

Countless individuals have experienced periods of financial struggle at some point in life, some of which might have been forced to face foreclosure. Continuing to make mortgage payments during a similar period can be difficult at best, and one of the many potential benefits of bankruptcy is the automatic stay. When a person files for bankruptcy, foreclosure proceedings come to a halt, potentially allowing the filer time to form a plan for how to proceed.

In Chapter 13 bankruptcy, a person can present a plan to the court to repay a certain amount of his or her debts over a set period while others may be discharged in the process. This type of bankruptcy may also allow one to retain possession of his or her assets in the process. With this type of assistance, a person might be able to catch up on mortgage payments and stave of foreclosure in the process.

A wage-earner plan may also offer additional benefits, and seeking guidance on the available options might help a person make informed decisions throughout this challenging period. When facing a similar situation, a person in Maryland might find it beneficial to speak with an attorney for advice on how to proceed. A bankruptcy attorney can address a client's financial concerns and needs and assist in pursuing the most favorable outcome possible by choosing the correct path of debt relief.

Source: FindLaw, "Facing Foreclosure? How Bankruptcy Can Help", July 18, 2017

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