For most people, their home is their most precious physical asset as well as a source of emotional satisfaction and strength. Foreclosure is an event to be feared and avoided if at all possible.
Fortunately, the bankruptcy process provides some protection for people who are behind on their mortgage payments. Filing for bankruptcy can stop home foreclosure - and give a homeowner the time needed to rebuild their finances and get caught up on back mortgage payments.
At the Bankruptcy Law Offices of Stephen Johnson, we help people obtain debt relief while allowing them to keep their homes. We have helped thousands of people get current on their mortgage payments, and obtain a new financial start.
An attorney at our firm can review your situation and recommend the right solution for you.
For many homeowners, a Chapter 13 Bankruptcy is the path toward a more secure financial future. It can stop foreclosure immediately. If you are behind on your mortgage payments, you can fold those past due payments into a Chapter 13 repayment plan and take from three to up to five years to get current on your mortgage payments. You can also reduce or discharge unsecured debts and some past due taxes. The additional cash flow you receive as an immediate result of filing can make it much easier to cover your remaining debt payments.
For other homeowners, a Chapter 7 Bankruptcy is preferable. It can stop foreclosure for up to seven months, providing you with the time you need to obtain money to either get current with your mortgage payments or find another place to live. You can obtain a complete discharge of many unsecured debts, such as credit card debts and medical bills.
Our firm helps you decide how to proceed, and handles all aspects of your bankruptcy from start to finish.
The Bankruptcy Law Offices of Stephen Johnson may also be able to eliminate a second mortgage through a Chapter 13 Bankruptcy. We can also examine the possibility of obtaining a loan modification that can reduce your first mortgage, reduce your monthly payments, reduce your interest rate, extend the mortgage repayment period or some combination of these.
While we can stop foreclosure at anytime up to the trustee sale, having more time will enable us to better protect your home and other assets. If you are behind in your mortgage payments or have unmanageable debts, contact us for a free consultation before your problem turns into a crisis.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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