Stop Foreclosure - Emergency Bankruptcy Filings
Do You Need to Stop Foreclosure in Edmonds WA?
If you are facing a foreclosure on your home in Edmonds, 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 financial commitment and monetary screw up that is just gotten worse by your 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 Edmonds 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
Edmonds 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 Edmonds 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 in fact 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 financial troubles and countless property owners being "upside down" or "underwater" in their homes has triggered a real estate crisis in the United States.
Americans are relying on filing Chapter 13 bankruptcy in order to stop an impending foreclosure sale. The original function of Chapter 13 bankruptcy was to enable an individual who was dealing with financial destroy to put all their financial commitment into one big amount which would then be restructured and settled 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 "undersea" for a court to rule in your favor. If your incomes is adequate for making your home loan payments and you have no genuine notable monetary obligation, then you most likely will not get authorized for a Chapter 13 bankruptcy. Of course, your circumstances might be various or there might be other conditions that utilize. However merely being "underwater" by your mortgage and behind on your payments is typically inadequate to certify.
If your financial circumstance is for a moment in disorder because of unanticipated costs, medical emergency situations, major car repairs, and so on, alerting your loan provider is vital. It is very possible that the loan company may utilize 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 home mortgage. Getting in touch with a skilled, knowledgeable attorney-- a real expert in Edmonds Bankruptcy-- can provide you the suggestions and representation you require when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Edmonds WA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court immediately provides an order (called the order for relief) that consists of an "automated stay." The automatic stay directs your creditors to stop their collection activities immediately. No reasons. If your home is scheduled a foreclosure sale, the sale will be legally delayed while the bankruptcy is pending-- typically for three to four months. Especially when you live in Edmonds Washington or in a nearby city
Nevertheless, there are 2 exceptions to this basic guideline:
Motion to raise the stay: If the loan supplier gets the bankruptcy court's approval to proceed with the sale (by submitting a "movement to raise the stay"), you may not get the complete 3 to four months. However even then, the bankruptcy will normally hold back the sale by a minimum of 2 months, as well as more if the lending institution is slow in pursuing the motion to lift the automated stay.
Foreclosure alert already submitted: Sadly, bankruptcy's automatic stay won't stop the clock on the advance alert that a great deal of states require prior to a foreclosure sale can be held (or a motion to raise the stay can be submitted). For example, prior to selling a home in California, a loan company has to provide the owner a minimum of 3 months' notification. If you get a three-month notification of default, then declare bankruptcy after 2 months have in fact passed, the three-month period will elapse after you have remained in bankruptcy for only one month. At that time the loan company might file a movement to lift the stay and ask the court for consent to set up to stop the foreclosure sale. This does not suggest the loan company's movement would be given, but it is best to have an experienced lawyer in your corner in an effort to prevent that from happening.
Lots of people will do whatever they can to stay in their home for the indefinite future. If that discusses you, and you're behind on your mortgage payments with no possible approach to acquire existing, the only approach to keep your house 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-- 5 years often. Nevertheless you'll need enough income to at least meet your current home mortgage payment at the same time you're settling the balance due. Presuming you make all the required payments approximately completion of the payment plan, you'll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may similarly assist you eliminate 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 might no longer have any equity with which to secure the later home loans. That permits the Chapter 13 court to "get rid of off" the 2nd and 3rd home loans and re-categorize them as unsecured debt-- which, under Chapter 13, takes last concern and regularly does not have to be repaid at all. All of this is common in Washington and throughout the region and remember, the time to do something is now.
Map of Edmonds WA
The Bankruptcy Experts
Monday - Friday: 8:00am - 6:00pm
Saturday: 10:00am - 4:00pm