Stop Foreclosures in California
Do You Need to Stop Foreclosure in California?
It’s time to consider bankruptcy if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Bankruptcy Attorney to Stop Foreclosure Near Me in California
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Los Angeles Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Los Angeles and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
Foreclosures have in fact been on the increase since 2008. From 2007 to 2009 around 3 million property owners were dealing with foreclosure. That number has tripled in size. This real estate collapse integrated with economic troubles and numerous homeowner being “upside down” or “undersea” in their houses has triggered a property crisis in the United States.
Americans are turning to submitting Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original function of Chapter 13 bankruptcy was to allow an individual who was facing financial ruin to position all their monetary obligation into one huge amount which would then be restructured and paid off one month at a time over a 3 to 5 year period.
In general, a Chapter 13 bankruptcy needs more than just a house being “underwater” for a court to rule in your favor. If your incomes is adequate for making your mortgage payments and you have no real notable monetary responsibility, then you most likely will not get approved for a Chapter 13 bankruptcy. Obviously, your scenarios might be different or there might be other conditions that utilize. But merely being “undersea” by your mortgage and behind on your payments is normally insufficient to certify.
If your monetary situation is for a moment in disorder because of unexpected expenses, medical emergency situations, major cars and truck repairs, and so on, informing your loan provider is important. It is extremely possible that the loan service provider may utilize a short-term deferment of your payments or supply you with re-payment terms which allow you to briefly lessen your payments owed in return for an extension of your home loan. Getting in touch with a competent, knowledgeable legal representative– a real specialist in Los Angeles Bankruptcy– can offer you the ideas and representation you require when facing such a circumstance.
Stop Foreclosure with a Bankruptcy Lawyer
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court instantly provides an order (called the order for relief) that consists of an “automated stay.” The automatic stay directs your financial institutions to stop their collection activities instantly. No reasons. If your home is arranged for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– typically for three to 4 months. Especially when you live in California CA or in a nearby city.
Nevertheless, there are 2 exceptions to this basic guideline:
Motion to raise the stay: If the loan service provider obtains the bankruptcy court’s approval to proceed with the sale (by submitting a “motion to raise the stay”), you might not get the complete 3 to 4 months. However even then, the bankruptcy will typically hold back the sale by a minimum of 2 months, as well as more if the lending institution is sluggish in pursuing the movement to raise the automated stay.
Foreclosure notice currently filed: Sadly, bankruptcy’s automatic stay won’t stop the clock on the advance notification that a great deal of states need prior to a foreclosure sale can be held (or a motion to raise the stay can be sent). For instance, prior to offering a home in California, a loan service provider has to provide the owner a minimum of 3 months’ alert. If you get a three-month notice of default, and then declare bankruptcy after 2 months have actually passed, the three-month period will expire after you have remained in bankruptcy for only one month. At that time the loan supplier might file a motion to raise the stay and ask the court for permission to set up to stop the foreclosure sale. This does not suggest the loan company’s motion would be given, but it is best to have a skilled legal representative in your corner in an effort to prevent that from happening.
Lots of people will do whatever they can to remain in their house for the indefinite future. If that describes you, and you’re behind on your home mortgage payments without any practical technique to acquire current, the only method to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “arrange” (late past due payments) over the length of a payment plan you propose– five years in some cases. Nevertheless you’ll require enough earnings to a minimum of meet your existing home mortgage payment at the same time you’re settling the balance due. Assuming you make all the required payments as much as the end of the repayment strategy, you’ll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 might similarly help you get rid of the payments on your second or 3rd home mortgage. That’s because, if your very first home mortgage is protected by the entire worth of your home (which is possible if the home has dropped in value), you might no longer have any equity with which to protect the later home loans. That permits the Chapter 13 court to “get rid of off” the 2nd and 3rd home loans and re-categorize them as unsecured financial obligation– which, under Chapter 13, takes last issue and regularly does not have to be repaid at all. All of this is common in California and throughout the region, and remember, the time to do something is now.
If you are dealing with enormous monetary responsibility and financial ruin that is just gotten worse by your mortgage payments, then you have to call us. We are The Bankruptcy Experts, for a Free Assessment.
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The Bankruptcy Experts
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Los Angeles, CA 90015
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