Bankruptcy can be a great option to save your home from foreclosure or to walk away debt free. The bankruptcy can be filed one second before the sale of your property to keep you from losing it, but it’s much more ideal to file for bankruptcy sooner rather than later to minimize the default amount that you owe. The experienced bankruptcy lawyers at JRQ & Associates will walk you through everything at a free bankruptcy consultation and help you decide whether bankruptcy is a good idea for you.
A Chapter 7 bankruptcy is a complete elimination of your debt. This can help with a foreclosure in several ways.
An experienced Chapter 7 bankruptcy attorney at JRQ & Associates will thoroughly review your financial situation at your free bankruptcy consultation and advise whether a Chapter 7 bankruptcy may be a good option in your situation.
Perhaps you don’t qualify for a Chapter 7 bankruptcy, or it doesn’t make sense in your situation. A Chapter 13 bankruptcy allows you up to five (5) years to catch up on your mortgage default. You can immediately begin making your monthly mortgage payments while paying off the default each month. Your house will be protected and out of foreclosure as long as you remain current with your monthly payments. An experienced Chapter 13 bankruptcy lawyer at JRQ & Associates will help you decide if this is the right option at your free bankruptcy consultation.
This chapter of bankruptcy is actually a made up term. Bankruptcy attorneys simply refer to a Chapter 7 bankruptcy immediately followed by a Chapter 13 bankruptcy as a Chapter 20 bankruptcy. It’s simply a combination of the above. You can file the Chapter 7 bankruptcy to eliminate your other debt and then solely concentrate on paying back your mortgage in the Chapter 13 bankruptcy. In a lot of situations, this greatly reduces the amount of debt that is ultimately paid back to creditors. It’s also sometimes completely necessary to file a Chapter 13 bankruptcy after your Chapter 7 bankruptcy because a loan modification or other workout did not end up happening and the bank scheduled the house for sale again. Immediately filing the Chapter 13 bankruptcy will stop the sale again and allow you to keep it.
Contact us today to take the first step in saving your home by scheduling a free bankruptcy consultation with one of our experienced bankruptcy lawyers. You have nothing to lose, and everything to gain, by calling to find out what we can do for you.