Do You Need to Stop Foreclosure in Bakersfield CA?
If you are facing a foreclosure on your home in Bakersfield, 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 massive monetary obligation and financial mess up that is just intensified by your home mortgage payments, then you need 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 Bakersfield 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
Bakersfield 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 Bakersfield 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 realty collapse integrated with economic troubles and numerous homeowner being “upside down” or “underwater” in their homes has triggered a property crisis in the United States.
Americans are turning to filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original purpose of Chapter 13 bankruptcy was to enable an individual who was dealing with monetary destroy to put all their monetary obligation 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 just a home being “underwater” 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 financial obligation, then you probably will not get authorized for a Chapter 13 bankruptcy. Naturally, your situations might be different or there might be other conditions that use. However simply being “underwater” by your home loan and behind on your payments is generally insufficient to qualify.
If your financial circumstance is momentarily in disorder because of unexpected costs, medical emergencies, significant automobile repair work, etc., alerting your loan service provider is vital. It is very possible that the loan provider might use a short-term deferment of your payments or provide you with re-payment terms which permit you to briefly lessen your payments owed in return for an extension of your home mortgage. Calling a competent, knowledgeable lawyer– a genuine professional in Bakersfield Bankruptcy– can provide you the suggestions and representation you require when facing such a circumstance.
Stop Foreclosure with a Bankruptcy Lawyer in Bakersfield CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court automatically releases an order (called the order for relief) that includes an “automatic stay.” The automatic stay directs your creditors to stop their collection activities immediately. No reasons. If your home is scheduled a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– usually for 3 to 4 months. Especially when you live in Bakersfield California or in a nearby city
However, there are 2 exceptions to this basic guideline:
Motion to raise the stay: If the loan supplier acquires the bankruptcy court’s approval to proceed with the sale (by submitting a “movement to raise the stay”), you might not get the complete 3 to 4 months. However even then, the bankruptcy will normally hold off the sale by a minimum of 2 months, and even more if the lending institution is sluggish in pursuing the motion to raise the automated stay.
Foreclosure notification currently submitted: Sadly, bankruptcy’s automated stay won’t stop the clock on the advance notice that a great deal of states require prior to a foreclosure sale can be held (or a motion to raise the stay can be submitted). For instance, prior to offering a home in California, a loan provider needs to provide the owner a minimum of 3 months’ notice. If you get a three-month notification of default, and after that file for bankruptcy after two months have in fact passed, the three-month duration will expire after you have actually stayed in bankruptcy for only one month. At that time the loan supplier could file a motion to lift the stay and ask the court for permission to arrange to stop the foreclosure sale. This does not suggest the loan provider’s motion would be given, however it is best to have a proficient lawyer in your corner in an effort to prevent that from happening.
Many individuals will do whatever they can to stay in their house for the indefinite future. If that discusses you, and you’re behind on your home loan payments with no feasible approach to acquire present, the only technique 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 in some cases. However you’ll need adequate earnings to a minimum of fulfill your present home mortgage payment at the same time you’re settling the arrange. Presuming you make all the required payments up to completion of the payment plan, you’ll avoid foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 might similarly assist you eliminate the payments on your second or 3rd home mortgage. That’s because, if your first home mortgage is protected by the whole worth of your home (which is possible if the home has dropped in worth), you might not have any equity with which to protect the later mortgages. That permits the Chapter 13 court to “get rid of off” the 2nd and 3rd mortgages and re-categorize them as unsecured financial obligation– which, under Chapter 13, takes last concern 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.
Map of Bakersfield CA