Do You Need to Stop Foreclosure in Long Beach CA?
If you are facing a foreclosure on your home in Long Beach, 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 dealing with huge financial obligation and monetary mess up that is just worsened 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 Long Beach 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
Long Beach 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 Long Beach 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 actually been on the increase since 2008. From 2007 to 2009 around 3 million homeowner were handling foreclosure. That number has actually tripled in size. This realty collapse incorporated with economic troubles and countless homeowner being “upside down” or “undersea” in their homes has actually triggered a realty crisis in the United States.
Americans are turning to filing Chapter 13 bankruptcy in order to stop an approaching foreclosure sale. The original purpose of Chapter 13 bankruptcy was to enable a person who was dealing with monetary mess up to position all their financial obligation into one huge quantity 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 needs more than just a house being “undersea” for a court to rule in your favor. If your revenues is adequate for making your home mortgage payments and you have no genuine notable monetary responsibility, then you more than likely will not get approved for a Chapter 13 bankruptcy. Naturally, your scenarios might be various or there might be other conditions that use. However merely being “undersea” by your mortgage and behind on your payments is usually inadequate to certify.
If your financial situation is temporarily in disorder because of unanticipated costs, medical emergencies, significant automobile repair work, and so on, alerting your loan provider is crucial. It is really possible that the loan service provider might use a short-term deferment of your payments or provide you with re-payment terms which allow you to briefly decrease your payments owed in return for an extension of your mortgage. Contacting an experienced, well-informed lawyer– a real specialist in Long Beach Bankruptcy– can provide you the recommendations and representation you need when dealing with such a circumstance.
Stop Foreclosure with a Bankruptcy Lawyer in Long Beach CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court instantly issues an order (called the order for relief) that consists of an “automatic stay.” The automated stay directs your lenders to stop their collection activities right away. No excuses. If your home is arranged for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– generally for three to 4 months. Especially when you live in Long Beach 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 gets the bankruptcy court’s approval to proceed with the sale (by filing a “movement to raise the stay”), you might not get the complete 3 to four months. But even then, the bankruptcy will usually hold off the sale by a minimum of two months, and even more if the lending institution is slow in pursuing the motion to raise the automated stay.
Foreclosure alert already filed: Sadly, bankruptcy’s automated stay won’t stop the clock on the advance notice that a lot of states require prior to a foreclosure sale can be held (or a motion to raise the stay can be sent). For instance, prior to offering a home in California, a loan provider has to give the owner a minimum of 3 months’ notice. If you get a three-month notice of default, and after that file for bankruptcy after 2 months have in fact passed, the three-month period will elapse after you have actually stayed in bankruptcy for only one month. At that time the loan provider might file a movement to lift the stay and ask the court for authorization to arrange to stop the foreclosure sale. This does not recommend the loan supplier’s movement would be given, however it is best to have a skilled lawyer in your corner in an effort to prevent that from occurring.
Lots of people will do whatever they can to stay in their house for the indefinite future. If that describes you, and you’re behind on your home mortgage payments with no possible method to get present, the only technique to keep your home might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “balance due” (late past due payments) over the length of a payment plan you propose– 5 years sometimes. Nevertheless you’ll need sufficient earnings to at least meet your present home mortgage payment at the same time you’re settling the arrange. Presuming you make all the required payments approximately the end of the payment plan, you’ll avoid foreclosure and keep your home.
2nd and 3rd home mortgage payments:
Chapter 13 may likewise assist you get rid of the payments on your second or 3rd home mortgage. That’s because, if your first home mortgage is secured by the entire worth of your home (which is possible if the home has actually dropped in worth), you may not 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 loans and re-categorize them as unsecured financial obligation– which, under Chapter 13, takes last issue and frequently 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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