No homeowner wants to lose their home to foreclosure, but many of those who are deep in debt eventually find themselves facing this type of scenario. While the thought of having to endure foreclosure can be scary, it’s important for homeowners currently living this nightmare to realize that most of them do have options, and one of those options is filing for bankruptcy. Although an attorney isn’t required for filing a petition, read on to find out why those facing foreclosure should hire one to help them get out of this harrowing situation.
Homeowners Must File at the Right Time
When filing a petition, bankruptcy courts grant homeowners an automatic stay that requires creditors to stop collection activities immediately. While the automatic stay will give homeowners time to get through the bankruptcy process and avoid foreclosure in Casa Grande, AZ, it’s vital that the petition is filed before the foreclosure notice. Hiring an attorney as soon as the homeowner realizes that foreclosure is a possibility means they’ll have someone to help them complete the petition and get it in on time. In turn, this ensures that the bankruptcy process will be over and done with before the foreclosure sale date is scheduled gives the homeowner the best chance of keeping the home.
Homeowners Must File the Right Petition
Chapter 7 bankruptcy petitions allow homeowners to have all of their unsecured debt wiped out, but it means having to give up their home. Only a chapter 13 petition will allow homeowners to stop foreclosure in Casa Grande, AZ; however, this petition also requires that the homeowner develops a court-approved repayment plan to bring their mortgage payments current within a five-year time frame. Not only will an attorney ensure that a homeowner files the right petition, but they’ll also help them create a repayment plan that is more likely to get approved quickly by the court system. In addition, they can help homeowners take advantage of benefits like lien stripping that may help them get rid of any additional mortgages they currently have.
When a homeowner is facing foreclosure, speaking with an attorney is the best decision they can make. For those who are ready to formulate a viable debt management plan, get in touch with attorney Asheton B. Call. Visit Site to learn more about how his knowledge and experience can help people hold onto their homes as they work to rebuild their future.