Do You Need to Stop Foreclosure in Richmond CA?
If you are facing a foreclosure on your home in Richmond, 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 financial obligation and monetary ruin that is just gotten worse by your home 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 Richmond 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
Richmond 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 Richmond 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 in fact 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 countless property owners being “upside down” or “undersea” in their homes has actually triggered a real estate crisis in the United States.
Americans are relying on submitting Chapter 13 bankruptcy in order to stop an approaching foreclosure sale. The initial purpose of Chapter 13 bankruptcy was to enable a person who was dealing with monetary ruin to put all of their financial responsibility into one huge amount which would then be reorganized and paid off one month at a time over a 3 to 5 year duration.
In general, a Chapter 13 bankruptcy requires more than simply a home being “undersea” for a court to rule in your favor. If your profits is adequate for making your home mortgage payments and you have no genuine noteworthy monetary responsibility, then you most likely will not get approved for a Chapter 13 bankruptcy. Naturally, your circumstances might be various or there might be other conditions that utilize. But merely being “underwater” by your mortgage loan and behind on your payments is typically inadequate to qualify.
If your monetary situation is temporarily in disorder because of unanticipated costs, medical emergencies, significant automobile repairs, etc., alerting your loan service provider is vital. It is very possible that the loan provider might 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. Calling an experienced, well-informed attorney– a real professional in Richmond Bankruptcy– can use you the tips and representation you need when facing such a circumstance.
Stop Foreclosure with a Bankruptcy Lawyer in Richmond CA
When you submit either a Chapter 13 or Chapter 7 bankruptcy, the court immediately provides an order (called the order for relief) that includes an “automatic stay.” The automated stay directs your financial institutions to stop their collection activities immediately. No excuses. If your home is scheduled a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– usually for 3 to four months. Especially when you live in Richmond California or in a nearby city
Nevertheless, there are 2 exceptions to this general 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 “movement to raise the stay”), you may not get the full 3 to four months. However even then, the bankruptcy will normally hold back the sale by a minimum of 2 months, as well as more if the loan provider is sluggish in pursuing the motion to raise the automated stay.
Foreclosure notice currently submitted: Sadly, bankruptcy’s automated stay won’t stop the clock on the advance alert that a great deal of states need prior to a foreclosure sale can be held (or a movement to raise the stay can be submitted). For instance, prior to selling a home in California, a loan company has to provide the owner a minimum of 3 months’ alert. If you get a three-month notification of default, and then declare bankruptcy after two months have actually passed, the three-month duration will expire after you have actually remained in bankruptcy for only one month. At that time the loan service provider might file a movement to lift the stay and ask the court for consent to set up to stop the foreclosure sale. This does not recommend the loan service provider’s movement would be provided, but it is best to have a proficient legal representative in your corner in an effort to prevent that from occurring.
Many people will do whatever they can to stay in their home for the indefinite future. If that explains you, and you’re behind on your home loan payments without any possible approach to acquire current, the only approach 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 sometimes. Nevertheless you’ll need enough earnings to at least meet your present home mortgage payment at the same time you’re settling the arrange. Presuming you make all the needed payments up to completion of the repayment strategy, you’ll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 might likewise help you remove the payments on your 2nd 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 worth), you might no longer have any equity with which to secure the later home loans. That allows the Chapter 13 court to “eliminate off” the 2nd and 3rd home mortgages and re-categorize them as unsecured debt– which, under Chapter 13, takes last issue and regularly 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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