Do You Need to Stop Foreclosure in Los Angeles CA?
If you are facing a foreclosure on your home in Los Angeles, you need to call The Bankruptcy Experts ASAP. We can make sure that the foreclosure is postponed right away and give you the time you need. Stopping all creditors in their tracks. If you are facing huge monetary obligation and monetary mess up that is simply gotten worse by your mortgage payments, then you have to call us.
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 Los Angeles CA
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 CA 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 really been on the increase since 2008. From 2007 to 2009 around 3 million homeowner were dealing with foreclosure. That number has actually tripled in size. This property collapse incorporated with economic troubles and many homeowner being “upside down” or “undersea” in their houses has actually caused a property crisis in the United States.
Americans are turning to filing Chapter 13 bankruptcy in order to stop an upcoming foreclosure sale. The initial function of Chapter 13 bankruptcy was to allow an individual who was facing monetary mess up to position all of their financial obligation into one big quantity which would then be rearranged and settled one month at a time over a 3 to 5 year period.
In general, a Chapter 13 bankruptcy requires more than just a home being “underwater” for a court to rule in your favor. If your profits is adequate for making your home loan payments and you have no real noteworthy monetary obligation, then you more than likely will not get authorized for a Chapter 13 bankruptcy. Naturally, your situations might be various or there might be other conditions that use. But merely being “underwater” by your mortgage and behind on your payments is usually not enough to qualify.
If your financial scenario is for a short time in disorder because of unanticipated costs, medical emergency situations, major automobile repair work, and so on, notifying your loan company is vital. It is extremely possible that the loan supplier may utilize a short-term deferment of your payments or supply you with re-payment terms which enable you to briefly minimize your payments owed in return for an extension of your home mortgage. Contacting a proficient, knowledgeable lawyer– a genuine specialist in Los Angeles Bankruptcy– can provide you the ideas and representation you require when facing such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Los Angeles CA
When you submit either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that consists of an “automatic stay.” The automatic stay directs your lenders to stop their collection activities immediately. 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 four months. Especially when you live in Los Angeles California or in a nearby city
Nevertheless, there are 2 exceptions to this general guideline:
Motion to raise the stay: If the loan company acquires the bankruptcy court’s approval to proceed with the sale (by filing a “movement to raise the stay”), you might not get the full 3 to 4 months. However even then, the bankruptcy will normally hold off the sale by a minimum of 2 months, as well as more if the loan provider is sluggish in pursuing the motion to lift the automated stay.
Foreclosure notice already submitted: Sadly, bankruptcy’s automatic stay will not stop the clock on the advance notice that a great deal of states need prior to a foreclosure sale can be held (or a movement to lift the stay can be sent). For example, prior to offering a home in California, a loan service provider needs to provide the owner a minimum of 3 months’ alert. If you get a three-month notice of default, and after that apply for bankruptcy after two months have really passed, the three-month period will elapse after you have remained in bankruptcy for only one month. At that time the loan supplier could file a motion to raise the stay and ask the court for consent to arrange to stop the foreclosure sale. This does not suggest the loan service provider’s movement would be given, but it is best to have a competent lawyer in your corner in an effort to prevent that from happening.
Lots of people will do whatever they can to remain in their home for the indefinite future. If that explains you, and you’re behind on your home mortgage payments without any possible technique to acquire present, the only method to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you settle the “arrange” (late past due payments) over the length of a payment plan you propose– five years sometimes. However you’ll need sufficient earnings to at least satisfy your current home mortgage payment at the same time you’re settling the arrange. Presuming you make all the required payments up to the end of the repayment strategy, you’ll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may similarly assist you remove the payments on your second or 3rd home mortgage. That’s because, if your very first home mortgage is secured by the whole worth of your home (which is possible if the home has actually dropped in value), you might no longer have any equity with which to protect the later home mortgages. That allows the Chapter 13 court to “remove off” the 2nd and 3rd home mortgages and re-categorize them as unsecured debt– which, under Chapter 13, takes last issue and frequently does not need 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.
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