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Chapter 13 bankruptcy case reveals possible shady bank dealings

Bankruptcy can seem like a frightening prospect and fearful undertaking, but it doesn’t have to be. Bankruptcy is, over anything else, an option for people who are facing debt that they cannot repay. It is relief from crushing debt and incessant creditor harassment that allows people to move on with their lives. However, bankruptcy can be a complex procedure, and adequate legal counsel is highly recommended.

A hearing back in 2012 involved a woman filing for Chapter 13 bankruptcy to stop foreclosure on her Texas home by Wells Fargo. Earlier this month, two documents were discovered that may change the entire landscape of the case. Reportedly, one of these documents is a manual for Wells Fargo foreclosure attorneys that details how to fabricate foreclosure papers. The second document cited was said to indicate that Wells Fargo ignored the protections of the bankruptcy case.

The two documents have serious legal implications as they call into question whether or not Wells Fargo had a right to foreclose on the woman’s home in the first place. And if Wells Fargo didn’t legally seek to foreclose on the house, it’s possible the woman may never have needed to file for Chapter 13 bankruptcy at all.

Chapter 13 bankruptcy is a debt relief plan that allows an individual with regular income to develop a plan to repay all or part of their debts. It helps people pay back their debts in a reasonable and manageable way, while also putting an automatic stay on collections against the filer’s property, such as homes and cars. Unfortunately, not all banks are entirely willing to play by the rules. If you are considering filing for bankruptcy, it is in your best interests to seek advice from an attorney who can help you navigate your bankruptcy as well as identify any possibly fraudulent dealings.

Source: New York Post, “Federal judge took Wells Fargo to task over loan filings,” Catherine Curan, March 23, 2014

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