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Keep Your Home
Fear of foreclosure or repossession is what prompts a lot of people seek help from an experienced chapter 7 or chapter 13 bankruptcy attorney. Most people seeking help with chapter 7 or chapter 13 bankruptcy are able to keep their home and their car from repossession or foreclosure. There are many factors that should be considered before making this decision or considering help from a chapter 7 or chapter 13 bankruptcy attorney. Your rights and options can be discussed at your FREE CONSULTATION with an experienced chapter 7 or chapter 13 bankruptcy attorney who can meet you at many locations throughout Arizona. Visit your Personal Bankruptcy Attorney in Phoenix, Mesa, Tucson, Glendale, Peoria, Prescott, Chandler, and Gilbert, Arizona.
Arizona Foreclosure
Foreclosure in Arizona is not always the worst option. In states like Arizona with anti-deficiency statutes you may be protected from negative aspects of foreclosure even without chapter 7 or chapter 13 bankruptcy. Ask your experienced bankruptcy attorney to explain the anti-deficiency statutes and if chapter 7 or chapter 13 bankruptcy is right for you at your FREE CONSULTATION with a personal bankruptcy attorney experienced in chapter 7 or chapter 13 bankruptcy with fair fees and payment plans in Phoenix, Mesa, Tucson, Tempe, Glendale, Peoria, Chandler, Gilbert and Prescott, Arizona.
Arizona Equity in Homestead and Foreclosure
Do you have any equity to protect in your homestead? Most people today are affected by decreasing housing values and have no equity in their home. If you have no equity in your home, you have no asset to protect in chapter 7 or chapter 13 bankruptcy. Some people even have "negative equity" where they owe substantially more than the homestead is worth. In these cases, avoiding foreclosure or forfeiting the home in chapter 7 or chapter 13 bankruptcy is not a matter of logic, but governed by emotion. In most cases you can forfeit your home in chapter 7 or chapter 13 bankruptcy and qualify to purchase the home again in less time and for less money than paying the mortgage. Discuss your chapter 7 and chapter 13 options with an experienced bankruptcy attorney at your FREE CONSULTATION with an experienced chapter 7 or chapter 13 bankruptcy attorney and utilize the Guaranteed Results in Phoenix, Tucson, Mesa, Tempe, Glendale, Peoria, Chandler, Gilbert, and Prescott, Arizona.
Arizona Repossession
Repossession is less forgiving than foreclosure in Arizona. Repossession can saddle you with deficiency balance after the dealer sells the repossessed vehicle at auction. Protect yourself from this by seeking help from a chapter 7 or chapter 13 bankruptcy attorney and choose an experienced attorney in Phoenix, Tucson, Mesa, Tempe, Glendale, Peoria, Chandler, Gilbert, and Prescott, Arizona.
Arizona Lawsuit and Judgment
A judgment resulting from a lawsuit brought in Arizona or domesticated from another state can result in garnishment of wages or execution against assets. This can be stopped with a chapter 7 or chapter 13 bankruptcy filing using an experienced bankruptcy attorney with guaranteed results in Phoenix, Tucson, Mesa, Tempe, Glendale, Peoria, Chandler, Gilbert, and Prescott, Arizona.
Mortgage Modification
In some instances, it is in the financial self-interests of banks to create a payment plan that allows people to stay in their home rather than entering into foreclosure. In today's housing market where the subprime mortgage disaster has resulted in declining home values, banks that foreclose on a house prematurely stand to lose more money than if they readjusted a homeowner's mortgage payment schedule. Once a bank forecloses on a home, there is no guarantee they will be able to recover their losses if they must now sell if for substantially less than what it was originally mortgaged. Therefore, banks may be willing to work with you on a modification of your mortgage. Discuss a mortgage modification with your experienced chapter 7 or chapter 13 bankruptcy attorney at your FREE CONSULTATION with an experienced chapter 7 or chapter 13 bankruptcy attorney able to meet you in many locations in Phoenix, Mesa, Tempe, Glendale, Tucson, Prescott, Arizona.
Your personal bankruptcy attorney will work with you in filing chapter 7 and chapter 13 bankruptcy through an experienced bankruptcy attorneys in Phoenix, Mesa, Tempe, Glendale, Tucson, Prescott, Arizona, to help people keep their home and gain control of their financial lives again.
To schedule a free consultation and discuss the options available to you, contact a local bankruptcy attorney today.
Exemptions Under Chapter 7 and Chapter 13 Bankruptcy
Filing a Chapter 7 bankruptcy provides a homestead exemption of up to $150,000. If your issue relates more to delinquent payments on your mortgage or car, those debts can be satisfied in a Chapter 13 bankruptcy with a larger percentage of payments going to the trustee. Since Chapter 13 is a reorganization of your debt, you will still be required to pay back a portion of the debt over a 3 to 5 year period. If you can keep current on your mortgage payments, you should have no problem avoiding foreclosure. If, however, your mortgage payments are more than you can afford given your other debts, it may be possible to arrange a repayment schedule agreeable to your bank.
Your local bankruptcy attorney has helped clients who have already had their house foreclosed upon with a sale date scheduled. Once you file bankruptcy, the sale of the house has to be cancelled and any collection and repossession efforts regarding your car must be stopped as well. Even if the bank files a "relief from stay," there are legal options available to homeowners that can help them avoid losing their home.
While many things need to happen for you to lose your house or car, you do have the option to just give it up and move on to a new residence or vehicle. While you are losing prized possessions, you are also unloading a significant amount of debt and a great deal of stress.
For more information or to schedule an appointment regarding a Chapter 7 and 13 bankruptcy, please contact us.
To learn more about bankruptcy, please visit our Bankruptcy FAQs.
