Is Bankruptcy an Option in Foreclosure?

Show Notes
Guest Profile

Welcome to The Foreclosure Fix Podcast, your essential resource for mastering the foreclosure process and safeguarding your home. I'm your host, DJ Olojo, and our mission is to support one million homeowners in their journey through foreclosure. If you share our mission's vision, please subscribe, like, and share this podcast with someone who can benefit from this invaluable knowledge.

In this episode, we are honored to have Roger Kraft, a seasoned bankruptcy attorney, as our special guest. Roger has dedicated years to assisting homeowners facing foreclosure, and he brings a wealth of knowledge to our discussion.

Let's dive deep into the conversation with Roger Kraft:

Key Takeaways:

Timing is Crucial: Seek professional help from a bankruptcy attorney well in advance of foreclosure proceedings to maximize your options and minimize costs.
The Critical Question: Before taking any action, decide if you genuinely want to retain your home, as this choice will determine the bankruptcy approach you pursue.
Chapter 7 vs. Chapter 13: Understand the differences between Chapter 7 (liquidation) and Chapter 13 (restructuring) bankruptcies, selecting the one that aligns with your goal of keeping your property.
Automatic Stay: Filing for bankruptcy triggers the automatic stay provision, temporarily halting foreclosure proceedings. However, without a plan to address arrearages, the bank may seek permission to proceed with foreclosure.
Risk of Financial "Games": Repeated or strategic bankruptcy filings can lead to banks seeking relief from the automatic stay and may impact your ability to negotiate with lenders.
Consequences of Foreclosure: Be prepared for potential outcomes if bankruptcy doesn't prevent foreclosure, as the bankruptcy trustee may oversee the sale of the property.
Prompt Legal Advice: Consult a bankruptcy attorney to explore tailored solutions and make informed decisions that suit your unique foreclosure situation.

Thank you for joining us on this episode of The Foreclosure Fix Podcast. Stay tuned for more expert insights and strategies to navigate foreclosure successfully, featuring guests like Roger Kraft.

Roger A. Kraft

Attorney

Roger A. Kraft has dedicated his career to helping people who are in real financial trouble. Prior to becoming an attorney and small claims judge in Salt Lake City, Roger worked his way through college as a morning show disc jockey for Arrow 103.5, as a truck driver for Pepsi Cola, and as a window washer for his own business. Roger grew up in Denver, Colorado and has lived in Utah since 1992, when ROCK 103 hired him to do the morning show in Salt Lake. Roger understands what it means to work hard for your money and he understands how hard it is to make ends meet these days. In addition to being an attorney and a judge, Roger is a husband and a father to 4 children. He understands the day to day grind of trying to provide for a family in today's economy. He understands what it means to lie awake at night stressed about how the mortgage is going to be paid, groceries will be bought, cars repaired and medical bills dealt with. Because Roger has "real world experience" he is able to identify with his clients' needs and is able to use his expertise as an experienced bankruptcy attorney to help alleviate the stress that comes with financial troubles. Roger has taught bankruptcy as well as lectured on bankruptcy matters in Colorado, for the Utah State Bar, and the Utah Bankruptcy Lawyers' Forum, and has been published in the Utah State Bar Journal.