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  • Avoid Foreclosures with the Help of Bankruptcy Attorneys

    Avoid Foreclosures with the Help of Bankruptcy Attorneys

    Your home is your prized possession. Huge efforts go into making your house and the mere thought of losing it due to non-payment of dues can be simply devastating. Tough financial times may often result in irregular mortgage payments. However, missing on payments can result in severe consequences. In case you have missed more than a couple of payments and are on the verge of losing your home due to foreclosure, filing for bankruptcy is the best way to get out of this sticky situation. According to Dallas based law firm https://www.bankruptcyreliefcenter.com, there are a number of options to avoid foreclosure, such as:

    Chapter 7 Bankruptcy

    Mortgage debts cannot be discharged through Chapter 7 but you can wipe out unsecured debts like personal loans, credit card debts or medical bills through it. Without these payments to take care of, you can concentrate on catching up on mortgage payments. The state law offers 2 sets of property exemptions, thanks to which you can hold on certain assets after bankruptcy. With the Homestead exemption, you can exempt the equity of your house to a certain amount. Bankruptcy attorneys can help assess your financial situation to find out if Chapter 7 is ideal for helping avoid foreclosure.

    Chapter 11 Bankruptcy

    This chapter helps keep struggling businesses afloat while avoiding foreclosure too. Initially, it was intended to help large corporations to file for bankruptcy, it can also be used as an alternative by individuals who cannot qualify for Chapter 13 due to income limitation or debt. Filing for bankruptcy results in the automatic stay which protects all your assets thereby stopping any repossession, foreclosure proceedings, lawsuits, liens or any other collection activities. Bankruptcy attorneys can also help eliminate 2nd or 3rd mortgage through lien stripping.

    Chapter 13 Bankruptcy

    In case you are too far behind on payments, the best option is Chapter 13 where a reasonable monthly repayment plan can help reorganize your debts. You get 3-5 years’ time to catch up on mortgage payments. With the reorganization of debt, you can catch up on overdue payments over the time frame of Chapter 13 repayment plan. With automatic stay in place, any collection effort of creditors including foreclosure is halted. In case your house is not worth your 1st mortgage and there is no equity in your 2nd mortgage, Chapter 13 can strip the latter mortgages from the loan amount.

    It is important that you are aware of your rights especially those regarding your house during bankruptcy proceedings. Consulting with a bankruptcy attorney can put things into perspective as well as making you aware of the options available to you.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • How to Stop Foreclosure on Your Property?

      How to Stop Foreclosure on Your Property?

      Since a majority of the population purchases the property by taking a loan, non-payment of dues may result in you losing control over any such property. Some financial decisions may cause people to fall into a bad economic situation, which may cause you to fall behind on loan payments. Unless you make a decision soon, you might forfeit your property too. For timely intervention and proper guidance, search for bankruptcy lawyers near me and make a consult sooner than later. (more…)

    • Live the American Dream without any Debts

      Live the American Dream without any Debts

      The quintessential American dream has brought many people to the country where everyone has equal opportunity to make it big. Before economic recessions caused financial distress to numerous people, the American dream meant having a huge house, big car, access to a large number of credits to spend like the rich and famous. However, stagnation has caused many Americans to lose their jobs to business contractions, their homes to foreclosure and overspending to the credit crisis. This has caused disillusionment in many people leading them to question whether the American dream can be realized without incurring huge debts.

      Many people have either filed for bankruptcy as a result of amassing huge amounts of debts or are contemplating it. However, it is important for people to realize that the American dream can be realized without running a large number of debts. As per Sacramento based lawyers of Recovery Law Group law firm, to enjoy a fresh financial start, it is important for debtors to understand that they should avoid acquiring any unnecessary debts and minimize whenever possible to live the proverbial American dream.

      Tips for Debtors Emerging from Bankruptcy
      • Post-bankruptcy, to live the American dream, you have to make efforts to create a fresh credit history. Good credit is not just about getting credit cards and loans. It is the difference in being employed or unemployed, living in a good or bad neighborhood. Credit reports are often looked by prospective employers before hiring anyone. Simply put, a debtor wishing to rent a house will need a good credit score to get one.
      • Rebuilding credit value gives you access to a new credit line. However, it is important to realize that if you wish to live the American dream, you need to be careful about how you use your credit cards. Good credit can open avenues for good jobs, neighborhood and mortgage is and when you decide to purchase a home. On the other hand, bad mortgages can lead to mortgages which are harmful in the long run, leading to foreclosure and eventually bankruptcy. Avoid falling into the vicious cycle and keep your credit rating high.
      • If you are educated about debt and money management, you will find that realizing your American dream is not too far away. Find out options to resolve any financial issues without incurring debt. If you have to take debt, find out the best interest rates that you can get with your credit ratings.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.