Released on = December 20, 2005, 8:02 am

Press Release Author = David M. Siegel & Associates

Industry = Internet & Online

Press Release Summary = A pending foreclosure sale can seem like a death sentence
for a homeowner. However, there are little known laws that can prevent a sale from
occurring.

Press Release Body = FOR IMMEDIATE RELEASE
12/23/05

Losing one\'s home to a foreclosure sale can be devastating and demoralizing. It
doesn\'t take much to fall behind on mortgage payments. Job loss, injury, divorce,
wage garnishments, personal loans, student loans, credit card payments and many
other factors can lead to the inability to make timely payments. Mortgage companies
often will not accept any amount other than the amount needed to become completely
current. In those situations, reorganization under Chapter 13 of the U.S.
Bankruptcy Code can provide a solution to some homeowners.

Chapter 13 allows one to pay his current monthly mortgage payment while making an
additional payment to a Chapter 13 trustee. The additional payment to the Chapter
13 trustee includes the arrearage on the mortgage. This allows a person to repay
the arrears portion over a period of thirty-six (36) to sixty (60) months. The
greatest feature of the reorganization filing is that it stops the foreclosure case
dead in its tracks. As long as timely payments are made directly to the mortgage
company and to the Chapter 13 trustee, the foreclosure action is stalled and the
sale of the home cannot proceed.

Similar to businesses that reorganize under Chapter 11 of the Bankruptcy Code,
Chapter 13 is used by consumers who desire to reorganize. A \"Special Report\"
regarding saving a home in foreclosure is available at
http://www.bankruptcylawyerschicago.com. Additionally, an audio version of that
same report can be downloaded which provides free, consumer information narrated by
David Siegel.

It is important to note that a foreclosure case runs along a scheduled timeline.
Reorganization under Chapter 13 may not be available to save a home if a foreclosure
sale date has occurred. One should consult with a local Chapter 13 attorney to
determine if a Chapter 13 filing is feasible.

For Information:
David Siegel
davidmsiegel@hotmail.com
www.bankruptcylawyerschicago.com

Web Site = http://www.bankruptcylawyerschicago.com

Contact Details = Mr. David Siegel