Do You Need to Stop Foreclosure in Richmond CA?
If you are facing a foreclosure on your home in Richmond, 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 responsibility and financial ruin that is simply gotten worse by your 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 Richmond 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
Richmond 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 Richmond 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 property owners were dealing with foreclosure. That number has tripled in size. This real estate collapse incorporated with economic problems and countless homeowner being “upside down” or “underwater” in their homes has actually triggered a property crisis in the United States.
Americans are relying on filing Chapter 13 bankruptcy in order to stop an upcoming foreclosure sale. The original function of Chapter 13 bankruptcy was to allow a person who was facing monetary destroy to position all of their financial responsibility 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 requires more than just a home 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 authentic notable financial commitment, then you probably will not get authorized for a Chapter 13 bankruptcy. Naturally, your situations might be various or there might be other conditions that use. But simply being “undersea” by your home loan and behind on your payments is usually insufficient to certify.
If your monetary scenario is for a short time in disorder because of unanticipated expenses, medical emergencies, significant automobile repair work, etc., notifying your loan supplier is important. It is very possible that the loan company may use a short-term deferment of your payments or supply you with re-payment terms which allow you to briefly lessen your payments owed in return for an extension of your mortgage. Calling a knowledgeable, well-informed legal representative– a genuine expert in Richmond Bankruptcy– can use you the suggestions and representation you require when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Richmond CA
When you submit either a Chapter 13 or Chapter 7 bankruptcy, the court instantly releases an order (called the order for relief) that includes an “automatic stay.” The automated stay directs your lenders to stop their collection activities immediately. No reasons. If your home is arranged for a foreclosure sale, the sale will be lawfully delayed while the bankruptcy is pending– typically for 3 to 4 months. Especially when you live in Richmond California or in a nearby city
However, 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 filing a “motion to raise the stay”), you may not get the complete 3 to four months. But even then, the bankruptcy will normally hold off 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 filed: Sadly, bankruptcy’s automated stay won’t stop the clock on the advance alert that a lot of states require prior to a foreclosure sale can be held (or a movement to raise the stay can be sent). For example, prior to selling a home in California, a loan supplier needs to give the owner a minimum of 3 months’ notification. If you get a three-month notice of default, then apply for bankruptcy after 2 months have actually passed, the three-month period will expire after you have remained 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 approval to organize to stop the foreclosure sale. This does not recommend the loan company’s motion would be offered, however it is best to have an experienced lawyer in your corner in an effort to prevent that from happening.
Many people will do whatever they can to stay in their home for the indefinite future. If that discusses you, and you’re behind on your home mortgage payments with no possible approach to get existing, the only technique to keep your home 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– 5 years often. However you’ll need adequate earnings to at least fulfill your existing home mortgage payment at the same time you’re settling the arrange. Assuming you make all the needed payments as much as completion of the repayment strategy, you’ll prevent foreclosure and keep your home.
2nd and 3rd home mortgage payments:
Chapter 13 may similarly help you remove the payments on your second or 3rd home mortgage. That’s because, if your very first home mortgage is secured by the whole worth of your home (which is possible if the home has dropped in worth), you might no longer have any equity with which to protect the later mortgages. That permits the Chapter 13 court to “eliminate off” the 2nd and 3rd mortgages and re-categorize them as unsecured debt– which, under Chapter 13, takes last concern and regularly does not have 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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