Do You Need to Stop Foreclosure in Los Angeles CA?
If you are facing a foreclosure on your home in Los Angeles, 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 huge monetary obligation and monetary mess up that is just aggravated by your home loan 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 Los Angeles 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
Los Angeles 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 Los Angeles 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 tripled in size. This realty collapse integrated with economic difficulties and countless homeowner being “upside down” or “underwater” in their homes has caused a real estate crisis in the United States.
Americans are relying on submitting Chapter 13 bankruptcy in order to stop an upcoming foreclosure sale. The initial function of Chapter 13 bankruptcy was to enable a person who was dealing with monetary destroy to place all of their financial obligation into one big amount which would then be restructured and settled one month at a time over a 3 to 5 year duration.
In general, a Chapter 13 bankruptcy requires more than just a house being “underwater” for a court to rule in your favor. If your profits is adequate for making your mortgage payments and you have no genuine noteworthy monetary responsibility, then you probably will not get authorized for a Chapter 13 bankruptcy. Obviously, your scenarios might be various or there might be other conditions that utilize. However merely being “underwater” by your mortgage loan and behind on your payments is usually not enough to certify.
If your monetary scenario is for a moment in disorder because of unanticipated expenses, medical emergency situations, significant cars and truck repair work, etc., informing your loan supplier is vital. It is extremely possible that the loan supplier may use a short-term deferment of your payments or supply you with re-payment terms which allow you to briefly decrease your payments owed in return for an extension of your home mortgage. Contacting an experienced, educated legal representative– a real expert in Los Angeles Bankruptcy– can provide you the ideas and representation you need when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Los Angeles 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 instantly. No excuses. If your home is scheduled a foreclosure sale, the sale will be lawfully delayed while the bankruptcy is pending– normally for 3 to 4 months. Especially when you live in Los Angeles California or in a nearby city
However, there are 2 exceptions to this general standard:
Motion to raise the stay: If the loan company acquires the bankruptcy court’s approval to proceed with the sale (by submitting a “motion to raise the stay”), you might not get the complete 3 to 4 months. But even then, the bankruptcy will typically hold back the sale by a minimum of 2 months, as well as more if the lending institution is slow in pursuing the motion to lift the automated stay.
Foreclosure notice already submitted: Sadly, bankruptcy’s automatic stay won’t stop the clock on the advance notice that a lot of states need prior to a foreclosure sale can be held (or a motion to lift the stay can be sent). For example, prior to offering a home in California, a loan supplier 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 2 months have in fact passed, the three-month duration will elapse after you have actually stayed in bankruptcy for only one month. At that time the loan service provider might file a movement to raise the stay and ask the court for authorization to set up to stop the foreclosure sale. This does not recommend the loan provider’s motion would be offered, however it is best to have a skilled lawyer in your corner in an effort to prevent that from taking place.
Many individuals will do whatever they can to remain in their home for the indefinite future. If that explains you, and you’re behind on your home mortgage payments without any practical technique to acquire existing, 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 in some cases. Nevertheless you’ll need sufficient earnings to at least meet your current home mortgage payment at the same time you’re settling the arrange. Assuming you make all the needed payments up to completion of the repayment strategy, you’ll prevent foreclosure and keep your home.
2nd and 3rd home mortgage payments:
Chapter 13 may also 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 whole worth of your home (which is possible if the home has dropped in value), you may no longer have any equity with which to protect the later home mortgages. That allows the Chapter 13 court to “get rid of off” the 2nd and 3rd home 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.
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