Bankruptcy & Foreclosure Defense |
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Bankruptcy
When creditors take action against you, the results can be financially crippling. Sometimes life events beyond your control make it impossible to stay afloat. Every day businesses fail, people become too sick to work, cannot find jobs that pay a living wage, or lose the jobs they had. It can be overwhelming, embarrassing and depressing.
When you feel you have run out of options and cannot pay, federal bankruptcy law gives you an opportunity for a fresh start, or to restructure and reorganize your debt to a manageable level.
Bankruptcy can stop garnishments and repossession. If you are facing foreclosure, bankruptcy may be the only realistic way to save your home.
There are often important deadlines related to proteting your assets. For that reason, you should not hesitate to call us to get the bankruptcy protection you need.
When creditors take action against you, the results can be financially crippling. Sometimes life events beyond your control make it impossible to stay afloat. Every day businesses fail, people become too sick to work, cannot find jobs that pay a living wage, or lose the jobs they had. It can be overwhelming, embarrassing and depressing.
When you feel you have run out of options and cannot pay, federal bankruptcy law gives you an opportunity for a fresh start, or to restructure and reorganize your debt to a manageable level.
Bankruptcy can stop garnishments and repossession. If you are facing foreclosure, bankruptcy may be the only realistic way to save your home.
There are often important deadlines related to proteting your assets. For that reason, you should not hesitate to call us to get the bankruptcy protection you need.
Foreclosure Defense
If you have been sued by your lender, or know foreclosure is on the horizen, immediate action should be taken to assert your rights to your home. We can help guide you through the foreclosure process, whether it be to reinstate or redeem the loan, or simply facilitate a negotiated disposition. Often clients will agree to surrender the property to avoid personal responsibility, or attempt to sell a property for less than is owed with bank approval (short sale).
Our attorneys and staff are prepared to help guide you through this stressful time. Please do not hesitate to call to schedule an appointment.
If you have been sued by your lender, or know foreclosure is on the horizen, immediate action should be taken to assert your rights to your home. We can help guide you through the foreclosure process, whether it be to reinstate or redeem the loan, or simply facilitate a negotiated disposition. Often clients will agree to surrender the property to avoid personal responsibility, or attempt to sell a property for less than is owed with bank approval (short sale).
Our attorneys and staff are prepared to help guide you through this stressful time. Please do not hesitate to call to schedule an appointment.
Detailed Information About Bankruptcy:
Chapter 7 bankruptcy, as opposed to chapters 11 and 13, is by far the cleanest, easiest, and most painless form of bankruptcy. The chapter 7 discharge cancels credit card debt, medical debt, personal loans, lawsuit debt, business debt and, in general, nearly all forms of unsecured debt. Immediately upon filing, an order is entered called the “automatic stay,” which prohibits any attempt to collect a debt in almost any form. Those who file for chapter 7 may also choose to retain their homes and vehicles, or they may choose to discharge this debt as well. So long as the person or couple filing for bankruptcy has income below a certain threshold amount and hasn’t received a discharge in the past 8 years, chapter 7 is the simplest and most desirable chapter under which to file.
Chapter 13 is a reorganization of debt and obligations for those who do not qualify for chapter 7, or those who wish to take advantage of certain other benefits that can only be found under chapter 13. The chapter 13 plan, filed by your attorney, is a plan lasting up to 5 years to pay back unsecured debt at a percentage, often as low as 10%. Further, amounts owed in arrears on secured debt, such as mortgages or vehicle loans, can be caught up over that same period. So long as the payments are made each month, the mortgage holder would be prohibited from foreclosing on your home, or repossessing your vehicle. During the foreclosure crisis still unfolding, this chapter is very commonly used to stay foreclosures, strip second mortgages and reinstate loan payments. To accomplish these goals, the case must be filed prior to any sort of foreclosure sale. The chapter 13 plan offers a much more versatile method for treating various debts and obligations, and is specifically designed to commit only the filer’s disposable income after allowed deductions and expenses.
Chapter 11, although much less common among individuals, offers the most versatility of any of the chapters. Primarily for corporations, each chapter 11 plan is different, with literally hundreds of different possibilities. If you are a struggling individual with significant debts ($1 million or more in secured debt, approximately $300k in unsecured debt), or a corporation, and you are looking to reorganize, meeting for a consultation is the first step, where specific circumstances may be discussed in detail.
Chapter 7 bankruptcy, as opposed to chapters 11 and 13, is by far the cleanest, easiest, and most painless form of bankruptcy. The chapter 7 discharge cancels credit card debt, medical debt, personal loans, lawsuit debt, business debt and, in general, nearly all forms of unsecured debt. Immediately upon filing, an order is entered called the “automatic stay,” which prohibits any attempt to collect a debt in almost any form. Those who file for chapter 7 may also choose to retain their homes and vehicles, or they may choose to discharge this debt as well. So long as the person or couple filing for bankruptcy has income below a certain threshold amount and hasn’t received a discharge in the past 8 years, chapter 7 is the simplest and most desirable chapter under which to file.
Chapter 13 is a reorganization of debt and obligations for those who do not qualify for chapter 7, or those who wish to take advantage of certain other benefits that can only be found under chapter 13. The chapter 13 plan, filed by your attorney, is a plan lasting up to 5 years to pay back unsecured debt at a percentage, often as low as 10%. Further, amounts owed in arrears on secured debt, such as mortgages or vehicle loans, can be caught up over that same period. So long as the payments are made each month, the mortgage holder would be prohibited from foreclosing on your home, or repossessing your vehicle. During the foreclosure crisis still unfolding, this chapter is very commonly used to stay foreclosures, strip second mortgages and reinstate loan payments. To accomplish these goals, the case must be filed prior to any sort of foreclosure sale. The chapter 13 plan offers a much more versatile method for treating various debts and obligations, and is specifically designed to commit only the filer’s disposable income after allowed deductions and expenses.
Chapter 11, although much less common among individuals, offers the most versatility of any of the chapters. Primarily for corporations, each chapter 11 plan is different, with literally hundreds of different possibilities. If you are a struggling individual with significant debts ($1 million or more in secured debt, approximately $300k in unsecured debt), or a corporation, and you are looking to reorganize, meeting for a consultation is the first step, where specific circumstances may be discussed in detail.