A report released by the Mortgage Bankers Association revealed that a record 12 percent of homeowners in the U.S. are behind on their mortgage.
The report said that 46 percent of new foreclosures in the U.S. where in California, Arizona, Nevada and Florida. Depressed home values in these areas are likely to be hit harder before they bottom out as the report shows that homeowners with good credit and so called “prime” loans were defaulting at double last year’s rate.
Anyone who has fallen behinid on their house payment should consider Chapter 13 bankruptcy, which will protect your home from foreclosure and allow you to make up back payments over three to five years.
A blog post on BankruptcyCorner.com shows that Congress has decided to forego giving help to homeowners facing foreclosure by allowing bankruptcy judges to modify the terms of mortgages on a primary residence.
Filing bankruptcy will still stop foreclosure proceedings, but you will need to get advice from a good bankruptcy attorney to formulate a plan to keep your home.
It is possible to file for Chapter 13 and Chapter 7 bankruptcy with out the assistance of a Fresno bankruptcy attorney. Just remember that bankruptcy is a complicated legal process outlined under United State’s bankruptcy law, and it may be in your best interest to get the help of a skilled Fresno bankruptcy lawyer. Under bankruptcy law there are a series of deadlines, court filings and legal criterion which must be met to complete the bankruptcy process and legally discharge your debt.
If you have few or no assets, Chapter 7 bankruptcy may be less complicated to complete on your own, but there are still serious financial considerations that a Fresno bankruptcy attorney may be able to help you evaluate prior to filing a bankruptcy case.
A Chapter 13 bankruptcy can be very complicated. Assets and property must be listed properly and a repayment schedule must be drafted. A Fresno bankruptcy attorney will have the legal experience necessary and a clear understanding of California bankruptcy laws to determine what property may be exempt in the State of California. A Fresno bankruptcy attorney will also have experience negotiating with creditors and outlining an effective bankruptcy schedule to repay your debt.
Here at Price Law Group, we offer a free consultation to evaluate your financial status and determine if bankruptcy is the best option for you. The staff in our Fresno office can help you to understand how to either discharge debt by filing Chapter 7 bankruptcy or repay your debt under Chapter 13 aankruptcy.
