Do You Need to Stop Foreclosure in Oakland CA?
If you are facing a foreclosure on your home in Oakland, 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 enormous monetary obligation and financial screw up that is simply aggravated by your home loan 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 Oakland 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
Oakland 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 Oakland 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 really 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 houses has actually caused a property crisis in the United States.
Americans are relying on filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original purpose of Chapter 13 bankruptcy was to allow a person who was facing financial mess up to place all their financial responsibility into one big amount which would then be rearranged and paid off one month at a time over a 3 to 5 year period.
In general, a Chapter 13 bankruptcy needs more than simply a house being “undersea” for a court to rule in your favor. If your profits is adequate for making your home loan payments and you have no authentic noteworthy financial responsibility, then you most likely will not get authorized for a Chapter 13 bankruptcy. Of course, your scenarios might be various or there might be other conditions that utilize. But simply being “underwater” by your mortgage and behind on your payments is generally inadequate to qualify.
If your monetary scenario is for a short time in disorder because of unanticipated expenses, medical emergencies, major cars and truck repair work, and so on, notifying your loan provider is important. It is really possible that the loan provider may utilize a short-term deferment of your payments or provide you with re-payment terms which allow you to briefly reduce your payments owed in return for an extension of your home loan. Calling a competent, knowledgeable legal representative– a real expert in Oakland Bankruptcy– can provide you the ideas and representation you need when facing such a scenario.
Stop Foreclosure with a Bankruptcy Lawyer in Oakland CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court automatically releases an order (called the order for relief) that consists of an “automated stay.” The automatic 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 lawfully postponed while the bankruptcy is pending– typically for three to 4 months. Especially when you live in Oakland California or in a nearby city
Nonetheless, there are 2 exceptions to this general guideline:
Motion to raise the stay: If the loan provider gets the bankruptcy court’s approval to proceed with the sale (by submitting a “motion to raise the stay”), you may not get the complete 3 to 4 months. But even then, the bankruptcy will typically hold back the sale by a minimum of two months, and even more if the loan provider is slow in pursuing the movement to lift the automated stay.
Foreclosure notification already filed: Sadly, bankruptcy’s automatic stay won’t stop the clock on the advance notification that a lot of states need prior to a foreclosure sale can be held (or a movement to raise the stay can be sent). For instance, prior to offering a home in California, a loan service provider has to offer the owner a minimum of 3 months’ notification. If you get a three-month notification of default, and then apply for bankruptcy after two months have really passed, the three-month period will expire after you have stayed in bankruptcy for only one month. At that time the loan provider could file a movement to raise the stay and ask the court for consent to set up to stop the foreclosure sale. This does not recommend the loan supplier’s motion would be provided, however it is best to have a knowledgeable lawyer in your corner in an effort to prevent that from occurring.
Lots of people 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 with no practical technique to acquire existing, the only technique to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you settle the “arrange” (late overdue payments) over the length of a payment plan you propose– five years sometimes. However you’ll need enough income to at least satisfy your existing home mortgage payment at the same time you’re settling the balance due. Presuming you make all the required payments approximately the end of the repayment strategy, you’ll avoid foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may similarly assist you remove the payments on your second or 3rd home mortgage. That’s because, if your very first home mortgage is protected by the entire 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 frequently does not have to be paid back 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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