Stop Foreclosure - Emergency Bankruptcy Filings
Do You Need to Stop Foreclosure in Bellevue WA?
If you are facing a foreclosure on your home in Bellevue, you need to call The Bankruptcy Experts ASAP. We can make sure that the foreclosure is postponed right away and give you the time you need. Stopping all creditors in their tracks. If you are dealing with enormous monetary obligation and financial mess up that is just intensified by your home mortgage payments, then you have to call us.
It’s time to consider bankruptcy if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Bankruptcy Attorney to Stop Foreclosure Near Me in Bellevue WA
Experienced, professional bankruptcy attorneys, understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Bellevue Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Bellevue WA and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
Foreclosures have really been on the increase since 2008. From 2007 to 2009 around 3 million homeowner were handling foreclosure. That number has actually tripled in size. This realty collapse incorporated with economic difficulties and many property owners being "upside down" or "undersea" in their homes has actually triggered a real estate crisis in the United States.
Americans are turning to filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original function of Chapter 13 bankruptcy was to allow an individual who was dealing with financial destroy to position all of their monetary responsibility into one huge amount which would then be rearranged and paid off one month at a time over a 3 to 5 year period.
In general, a Chapter 13 bankruptcy needs more than simply a home being "underwater" for a court to rule in your favor. If your revenues is adequate for making your home loan payments and you have no real noteworthy monetary responsibility, then you more than likely will not get approved for a Chapter 13 bankruptcy. Naturally, your situations might be different or there might be other conditions that utilize. But simply being "underwater" by your mortgage loan and behind on your payments is generally not enough to qualify.
If your financial circumstance is temporarily in disorder because of unanticipated costs, medical emergencies, significant automobile repairs, and so on, alerting your loan provider is vital. It is very possible that the loan service provider may use a short-term deferment of your payments or supply you with re-payment terms which enable you to briefly minimize your payments owed in return for an extension of your mortgage. Calling a proficient, educated legal representative-- a real expert in Bellevue Bankruptcy-- can use you the recommendations and representation you require when dealing with such a scenario.
Stop Foreclosure with a Bankruptcy Lawyer in Bellevue WA
When you submit either a Chapter 13 or Chapter 7 bankruptcy, the court instantly provides an order (called the order for relief) that consists of an "automatic stay." The automated stay directs your financial institutions to stop their collection activities right away. No reasons. If your home is scheduled a foreclosure sale, the sale will be lawfully delayed while the bankruptcy is pending-- normally for three to four months. Especially when you live in Bellevue Washington or in a nearby city
Nonetheless, there are 2 exceptions to this basic standard:
Motion to raise the stay: If the loan service provider acquires the bankruptcy court's approval to proceed with the sale (by filing a "motion to raise the stay"), you may not get the full 3 to four months. But even then, the bankruptcy will typically hold back the sale by a minimum of two months, as well as more if the lending institution is sluggish in pursuing the motion to raise the automated stay.
Foreclosure notification currently filed: Sadly, bankruptcy's automatic stay will not stop the clock on the advance notice that a lot of states need prior to a foreclosure sale can be held (or a motion to raise the stay can be submitted). For instance, prior to offering a home in California, a loan company needs to give the owner a minimum of 3 months' alert. If you get a three-month notice of default, and after that file for bankruptcy after two months have in fact passed, the three-month duration will elapse after you have stayed in bankruptcy for only one month. At that time the loan provider could file a movement to lift the stay and ask the court for consent to organize to stop the foreclosure sale. This does not suggest the loan service provider's motion would be given, however it is best to have a proficient legal representative in your corner in an effort to prevent that from taking place.
Many people will do whatever they can to stay in their house for the indefinite future. If that discusses you, and you're behind on your home mortgage payments with no practical method to get existing, the only method to keep your home might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you settle the "balance due" (late overdue payments) over the length of a payment plan you propose-- five years sometimes. However you'll require enough earnings to at least fulfill your present home mortgage payment at the same time you're settling the balance due. Assuming you make all the required payments up to the end of the payment strategy, you'll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may also assist you eliminate the payments on your second or 3rd home mortgage. That's because, if your first home mortgage is secured by the entire worth of your home (which is possible if the home has dropped in worth), you might not have any equity with which to secure the later mortgages. That allows the Chapter 13 court to "eliminate off" the 2nd and 3rd mortgages and re-categorize them as unsecured debt-- which, under Chapter 13, takes last issue and often does not have to be paid back at all. All of this is common in Washington and throughout the region and remember, the time to do something is now.
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