Mortgage Arrears

Arrears:  something overdue in payment; a debt that remains unpaid 

Mortgage arrears are over due payments, interest and fees.  It is the amount that you need to pay to catch your payment up so your mortgage is current.    Missed payments.

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

You can't file bankruptcy and get a free house or car.

If you are behind on house or car payments, either Chapter 7, 11, 12 or 13 bankruptcy can stop a foreclosure or repossesion but you will have to figure out a way to catch up payments or pay the loan if you want to keep the property long term.

In Chapter 7, you may have to solve your problem relatively quickly or the creditor will get permission from the judge to resume the foreclosure or repossession.

You can use reorganization (usually Chapter 13 bankruptcy) to give you up to five years to catch up payment so you can afford to catch up.   Chapter 13 can also write down / write off other loans like credit cards, pay day loans, medical bills and such, which can often free up enough money from your monthly pay to allow you to afford to pay for the house and car, and carch up the arrears, or past due payments.

1701 Scott Avenue Charlotte North Carolina 28203
phone: 704 / 377-0776
fax: 704 / 377-0775


DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. Personal opinions may also be expressed. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.

The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.


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