Green Bay Chapter 13: Keep Your Home While Catching Up on Payments

Green Bay homeowners facing foreclosure often find that Chapter 13 bankruptcy provides the time and structure needed to cure mortgage defaults. The Michelson Law Offices creates repayment plans that spread missed mortgage payments over three to five years, allowing you to keep your home while addressing other debts. The automatic stay immediately stops foreclosure proceedings, giving you breathing room to reorganize your finances and resume regular payments.

Unlike Chapter 7, which requires liquidation of non-exempt assets, Chapter 13 allows you to retain property by committing to a court-approved repayment plan. Your monthly payment is based on your income, necessary living expenses, and the types of debt you owe. Priority debts like mortgage arrears and tax obligations are paid first, while unsecured creditors receive whatever remains. Many Green Bay filers pay only a fraction of their unsecured debt, with the remaining balance discharged at the end of the plan.

Once your Chapter 13 plan is confirmed by the bankruptcy court in Green Bay, you make a single monthly payment to a trustee who distributes funds to creditors according to the approved schedule. This arrangement halts all direct creditor contact and prevents any collection action as long as you remain current on plan payments. The plan typically runs 36 months for filers with below-median income and 60 months for those earning above the median, providing a predictable timeline for debt resolution.

Chapter 13 works particularly well for homeowners who have fallen behind on mortgage payments but want to keep their property. By spreading the arrearage over the life of your plan, you cure the default and bring your mortgage current without paying a lump sum. You continue making your regular monthly mortgage payment outside the plan while the trustee distributes catch-up payments to your lender. Green Bay residents also benefit from the ability to address second mortgages that are wholly unsecured, potentially reducing overall debt and monthly obligations.

To explore whether a three- or five-year repayment plan will stop foreclosure and protect your home in Green Bay, schedule a consultation to review your mortgage arrears, income, and repayment capacity.

Chapter 13 bankruptcy offers homeowners in Green Bay a legal framework to address mortgage defaults, stop foreclosure, and discharge remaining unsecured debt after completing the plan. The process provides immediate relief from creditor pressure while giving you time to stabilize your finances. At the end of the plan term, you emerge with an updated mortgage and significantly reduced or eliminated unsecured debt.

• Immediate foreclosure halt and structured repayment of mortgage arrears
• Retention of home and other essential assets during the plan
• Consolidation of all debts into one monthly trustee payment
• Discharge of remaining unsecured debt at plan completion
• Green Bay filers maintain homeownership while addressing financial distress

The decision to file Chapter 13 depends on your income level, the amount of mortgage arrears, and whether you can afford monthly plan payments while maintaining regular mortgage obligations. Many Green Bay homeowners who thought foreclosure was inevitable discover they can keep their property through a structured repayment plan. For guidance on Chapter 13 bankruptcy and stopping foreclosure in Green Bay, reach out to discuss your mortgage default and debt reorganization options.