Bankruptcy, Your Home and Your Mortgage
How Bankruptcy Can Help with a Second Mortgage or a Home that is “Underwater”
Many of our clients are facing home foreclosure or financial situations spiraling out of control. The bankruptcy attorneys at Anderson & Associates can help you evaluate your present financial situation and offer timely advice to help you manage or eliminate your debt while keeping your personal assets like your home and car.
Bankruptcy can SAVE your Home.
If you are facing a home foreclosure or have received notice of a sheriff sale, call our office to learn about your options for protection under the bankruptcy code. The first consultation is free. We are committed to helping you resolve your financial problems and protecting your home. Contact us now to get started.
Filing Chapter 7 or Chapter 13 Consumer Bankruptcy Can Help
As soon as you file bankruptcy, the “automatic stay” goes into effect, meaning no collection efforts (including a sheriff sale, repossession, collection calls) must stop immediately. We have used bankruptcy law to stop foreclosure proceedings and sheriff sales, in some cases, just days before our clients were about to lose their homes.
How Chapter 7 Consumer Bankruptcy Can Help With Your Foreclosure
There is an income limit to qualify for Chapter 7, but assuming you meet all requirements, Chapter 7 can stop foreclosure proceedings and give you time to work with your mortgage lender. Many clients who filed Chapter 7 found that once their credit card debt and medical debt had been eliminated they were in a much better position to make their monthly mortgage payments.
If you owe the bank money following a home foreclosure, filing for bankruptcy can eliminate that remaining amount owed on your mortgage.
How Chapter 13 Bankruptcy can help with a Home Foreclosure
Where Chapter 7 is meant to eliminate unsecured debt, Chapter 13 is meant to re-organize high-interest debt. There are some cases where a Chapter 13 will allow you to re-negotiate or even eliminate a second mortgage. Chapter 13 will also stop collection activity like foreclosure and sheriff sales and give you time to work with your lender.
