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Robertson, Oswalt, Nony

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.


Making a


Difference In Your Life

Can Bankruptcy Stop Home Foreclosure?


If you are at risk of losing your home to foreclosure, you are not alone. Millions of homeowners have lost properties to foreclosure over the last number of years. However, filing for bankruptcy can save not only your home, but also it can get you back on your feet financially.

At the Arkansas law firm of Robertson, Oswalt, Nony & Associates, our attorneys have been helping people just like you recover from financial difficulties for years. With four office locations in Little Rock, Heber Springs, Conway and Benton, you are never far from a local lawyer who can help you.

Don’t Wait Too Long To Get Help

Even if you are behind on your monthly mortgage payment, you may be able to save your home by filing for Chapter 13 bankruptcy. Even if you have received notice that your mortgage lender has initiated the foreclosure process, it may not be too late. However, you don’t want to wait until things get worse. The sooner you contact an attorney, the better.

How Does Chapter 13 Bankruptcy Stop Foreclosure?

Our bankruptcy lawyer will help you file a Chapter 13 bankruptcy petition with the court. As soon as it is filed, an automatic stay goes into effect. This can temporarily halt your lender from proceeding with a foreclosure action during the course of the bankruptcy case process.

A Chapter 13 bankruptcy allows you to put together a debt repayment plan. If your plan is approved, you pay back your past-due mortgage payments gradually over a three- to five-year period. To be eligible for Chapter 13 bankruptcy, you must have a regular source of income that is sufficient for you to afford the monthly payments set up in your repayment plan.

Second Mortgage Lien Stripping

Chapter 13 bankruptcy has an additional benefit which can be very significant for certain individuals who are upside down on their home mortgages. The concept is sometimes referred to as second mortgage lien stripping.

If the value of your home is less than the amount you owe on your first home mortgage, you may be able to “strip” a second home mortgage lien. Once you complete the repayment plan from your Chapter 13 bankruptcy, the second mortgage may be treated as an unsecured debt. It may then be discharged as part of your Chapter 13 bankruptcy. In some cases, a deficiency judgment may be necessary.

What If I Don’t Have Enough Income?

Filing for Chapter 7 bankruptcy may be an option in certain circumstances. With a Chapter 7 bankruptcy, you may be able to erase discharge credit card debts, medical bills and other unsecured debts. By doing so, you may be able to afford your home mortgage payment again and avoid foreclosure.

Don’t Know Which Option Is Best For You? Contact Us Today

Learn about your options during an initial consultation with an experienced bankruptcy attorney at Robertson, Oswalt, Nony & Associates. Just call 501-588-4451 or 866-311-3815 toll free or email us to get started.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.