The loss of a home through foreclosure is devastating to one who has worked so hard to keep their mortgage payments current. When a homeowner is facing foreclosure in Chandler, AZ, it is crucial they do not ignore the threats and work proactively to stop the process as soon as possible. As soon as a homeowner is alerted to the possibility of foreclosure, it behooves them to seek guidance from an attorney who can help them determine whether or not they can benefit from filing for chapter 13.
When a homeowner learns they are in danger of foreclosure in Chandler, AZ, they need to schedule a consultation with an attorney right away. The attorney will need the person to bring in their financial records to determine if they are eligible. To file for chapter 13, one must have a steady and reliable income and their debt must not be above the limit at the time of filing. If they meet the requirements, the attorney will begin drawing up the paperwork so it can be filed.
The attorney will help a person through each step of the process they must go through when filing for bankruptcy. It is crucial the bankruptcy is properly filed or a person could experience delays that can cause problems to persist in the foreclosure process. Also, it is important the paperwork is filed promptly so a cease and desist order can be put in effect. This order prevents the creditors a person owes from further pursuing any collection activity, including foreclosure or repossession.
A person’s bankruptcy can last between three and five years, depending on the amount of debt they owe and their income. The payments one owes will be restructured to ensure they can pay off their debt within the bankruptcy time period.
If you are facing foreclosure, there is legal help available. Click here and visit right away. Asheton B. Call is an attorney that works with chapter 7 and 13 bankruptcy to help people overcome their debt and become financially free. Call his office today to schedule an appointment and get started on the process.