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Bankruptcy to Stop Foreclosure: Steps to Take

Mortgages are the biggest debt most people have. This is why it’s so important to know how to file bankruptcy in order to get rid of your mortgage if you can’t afford it anymore. If you cannot afford your mortgage, filing bankruptcy can help you get rid of it and any other unsecured debts that may come with it.

There are two types of bankruptcy available in this case: Chapter 7 and Chapter 13.

In a Chapter 7 bankruptcy, the court will discharge all your debts and you will have nothing left to pay back to your creditors.

In a Chapter 13 bankruptcy, you have the opportunity to keep some assets, such as your house or car, by making monthly payments for three to five years.

The benefits of filing bankruptcies include getting rid of other secured debts like car loans or credit card balances while still being able to do things like maintaining their homes or cars over time.

If you cannot continue making payments on your mortgage, filing bankruptcy is a good option for getting rid of the debt and putting yourself in a better financial situation.

Bankruptcy is when you can discharge most or all of your debts if you qualify. There are two main types, Chapter 7 and Chapter 13.

Chapter 7 bankruptcy allows the court to discharge most of your debts and in some cases, you can even keep some assets like a home or no car in order to pay back the creditors who cannot be discharged.

Chapter 13 bankruptcy gives people the opportunity to keep their homes by paying off what they owe over time when not everyone qualifies for them under other types. Though it may seem counter-intuitive, filing for bankruptcy with bad credit can lead to an increase in one’s credit score because it reflects positively on how proactive the applicant was in dealing with their debt without letting it spiral out of control.

If you are considering filing for bankruptcy, it is very important to know the steps to take in order to file for bankruptcy or if it is best for you. Filing for bankruptcy can be a good option when there’s over $15,000 in credit card debt and you cannot afford your home or car payments. It is difficult to get out of debt and it will take some time, but that does not mean that you should not apply for bankruptcy.

If you decide that you want to file for bankruptcy, there are steps to take.

1) Talk with an experienced and qualified bankruptcy lawyer. If they’re knowledgeable and experienced, they can provide insight on what type of bankruptcy may be best. They will also assist others in the application process. There are many questions that need to be answered in order to know if you can file for bankruptcy.

2) Know all the costs associated with filing bankruptcy, including attorney fees and other applicable fees charged by the court when looking at your income. Filing bankruptcy is not free, despite what others may say. They may tell you that you do not have to pay for it, but they are most likely trying to make a profit off of you.

3) Figure out if your debts will be discharged after filing bankruptcy. While there may be cases where some assets can be kept, such as a house or car that is being paid for over time, the majority of people filing bankruptcy are trying to get rid of all their debts.

4) Know the different types of bankruptcy that are available, including Chapter 7 and Chapter 13. If you cannot qualify for a Chapter 7 filing, then you may want to consider filing under Chapter 13 if that is what would work best for your situation. If you have more than $15,000 worth of credit card debt and cannot make your monthly payments on your home or car, filing bankruptcy is probably the right option for you.

Chapter 7 bankruptcy allows the court to discharge most of your debts and in some cases, you can even keep some assets like a home or no car in order to pay back the creditors who cannot be discharged.

Chapter 13 bankruptcy gives people the opportunity to keep their homes by paying off what they owe over time when not everyone qualifies for them under other types.

Bankruptcy is a type of insolvency proceeding where the debtor’s assets are sold to, or seized by, a court-appointed receiver.

It can be used to discharge debts and get rid of other adverse effects from previous financial problems such as foreclosure.

If you think bankruptcy may be right for your situation, it’s important that you know what steps need to happen before filing so that you can have a better understanding about whether this option will work best for you in the long run.

Foreclosure Lawyers

Do not begin the process of defending your home from foreclosure alone. There are steps to take to strengthen your case.

Furthermore, never simply give up and allow your home to be sold off at auction. Your home is your greatest investment. A foreclosure lawyer can make you aware of all possibilities for saving your home.

Filing for bankruptcy when you are already dealing with foreclosure may seem counterproductive.

However, bankruptcy may save your home and provide you with an achievable repayment plan. Therefore, when seeking assistance from a lawyer, discuss this possible solution for avoiding foreclosure.

 

steps to take for hiring an attorney to help file bankruptcy to stop foreclosure

 

Hiring an Experienced Bankruptcy/Foreclosure Lawyer?

It’s important to hire an experienced foreclosure attorney  as one of the steps to take when you’re facing foreclosure, or even if you are experiencing these warning signs.

This is because there are many different types of bankruptcy. Only an experienced lawyer will know which one would work best for your specific situation.

It might seem like it makes sense to do this yourself. But most people don’t have the time or patience to understand all of the details involved in bankruptcy. That means they make mistakes by not choosing the right type, or by not filling out paperwork correctly. Both things could lead to delays and ultimately hurt your chances of getting any debt relief at all.

This is not a journey to take lightly, but it is also not one to take alone. If you need to file for bankruptcy, reach out to us today to start your journey with us.

If you want to learn more about the options you have and steps to take, call us for a free consultation.

 

Will bankruptcy stop foreclosure? Parker & DeFresne can help!

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