Stop Foreclosure - Emergency Bankruptcy Filings
Do You Need to Stop Foreclosure in Bellingham WA?
If you are facing a foreclosure on your home in Bellingham, 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 commitment and monetary screw up that is simply aggravated 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 Bellingham 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
Bellingham 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 Bellingham 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 actually been on the increase since 2008. From 2007 to 2009 around 3 million homeowner were dealing with foreclosure. That number has tripled in size. This real estate collapse incorporated with economic difficulties and many property owners being "upside down" or "underwater" in their homes has caused a real estate crisis in the United States.
Americans are turning to submitting Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original function of Chapter 13 bankruptcy was to allow a person who was facing monetary ruin to position all of their financial commitment into one huge quantity 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 requires more than just a house 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 notable financial 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 use. However simply being "underwater" by your mortgage loan and behind on your payments is generally not enough to certify.
If your financial scenario is for a short time in disorder because of unexpected costs, medical emergencies, significant vehicle repairs, etc., informing your loan supplier is essential. It is really possible that the loan provider may utilize a short-term deferment of your payments or provide you with re-payment terms which enable you to briefly minimize your payments owed in return for an extension of your mortgage. Getting in touch with an experienced, educated legal representative-- a real professional in Bellingham Bankruptcy-- can offer you the recommendations and representation you need when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Bellingham WA
When you submit either a Chapter 13 or Chapter 7 bankruptcy, the court immediately releases an order (called the order for relief) that consists of an "automated stay." The automatic stay directs your financial institutions to stop their collection activities immediately. No excuses. If your home is scheduled a foreclosure sale, the sale will be legally delayed while the bankruptcy is pending-- usually for 3 to 4 months. Especially when you live in Bellingham Washington or in a nearby city
Nonetheless, there are 2 exceptions to this basic standard:
Motion to raise the stay: If the loan provider obtains the bankruptcy court's approval to proceed with the sale (by filing a "motion to raise the stay"), you might not get the complete 3 to 4 months. However even then, the bankruptcy will typically hold off the sale by a minimum of two months, and even more if the lending institution is sluggish in pursuing the motion to raise the automated stay.
Foreclosure alert currently submitted: Sadly, bankruptcy's automated stay will not stop the clock on the advance notice that a great deal of states require prior to a foreclosure sale can be held (or a motion to lift the stay can be submitted). For instance, prior to selling a home in California, a loan provider has to provide the owner a minimum of 3 months' alert. If you get a three-month notice of default, and then declare bankruptcy after 2 months have really passed, the three-month period will expire after you have stayed in bankruptcy for only one month. At that time the loan provider could file a motion to raise the stay and ask the court for permission to organize to stop the foreclosure sale. This does not suggest the loan company's movement would be given, however it is best to have a competent lawyer in your corner in an effort to prevent that from occurring.
Many people will do whatever they can to stay in their house for the indefinite future. If that describes you, and you're behind on your home mortgage payments with no possible method to get existing, the only approach to keep your home might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you settle the "arrange" (late past due payments) over the length of a payment plan you propose-- 5 years in some cases. However you'll need adequate earnings to a minimum of fulfill your present home mortgage payment at the same time you're settling the balance due. Assuming you make all the required payments as much as completion of the repayment plan, you'll avoid foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may likewise assist you remove the payments on your 2nd or 3rd home mortgage. That's because, if your first home mortgage is secured by the whole worth of your home (which is possible if the home has dropped in value), you may not have any equity with which to secure the later home mortgages. That permits the Chapter 13 court to "get rid of off" the 2nd and 3rd home loans and re-categorize them as unsecured financial obligation-- which, under Chapter 13, takes last concern and frequently does not need 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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