Chapter 13 Can Save Your Home from Foreclosure
The most horrific thing for anyone is the thought of losing his/her home. When you have taken a lot of debt from lenders and were not able to pay it back, a foreclosure is often the option that lenders opt for. Foreclosure is a nightmare and it can create emotional stress over anyone. First of all, you need to figure out if you are bankrupt or not. If you don’t have any money to pay your debt, then filing for bankruptcy is your best bet.
Why File for Bankruptcy?
So you are broke and you don’t earn enough to make the debt payments every month. Your lender is probably very angry by now and he/she wants his/her money back. So, the lender comes up with a foreclosure notice from the bank and you have no clue what you should do next.
Of course, it would be good to consult with a firm like Davis & Davis and save your home. But before that, you should have the basic understanding of the bankruptcy law.
- Filing for bankruptcy will give you a second chance at dealing with your lenders.
- You can hire a bankruptcy attorney to help you design a debt repayment plan.
- An honest attorney like Chris Davis will help you understand the difference between the two types of bankruptcy filing.
- You will have a chance to save your home from foreclosure.
Bankruptcy Chapter 7 or Chapter 13?
When you are heading out to file for bankruptcy, you might come across chapter 7 and chapter 13 several times. Chapter 7 and chapter 13 are two types of bankruptcy options. An attorney will give you a better idea of which one to file if you want to avoid foreclosure. But for the basics, read on to a few tips below.
- Choosing chapter 7 bankruptcy will result in your assets being liquidated.
- Chapter 13 bankruptcy states that you need to come up with a debt repayment plan to save your home from foreclosure.
- For people that are behind their payments, chapter 13 bankruptcy is the best way to save themselves from great loss.
- Chris Davis from Davis & Davis will help you design a debt repayment plan which will give you at least 5 years to pay off your debt completely.
- If you have received a foreclosure notice from your lender, file for bankruptcy and you might get your home off the foreclosure list for several months.
- If you prove to the court that you can make the payments in a specific time period then the court will allow you to have your home.
Do not panic when you receive a foreclosure notice from your lenders. Breathe in and relax and visit Chris Davis, an experienced bankruptcy lawyer from Davis & Davis, PLLC, to help you pay off your debt as soon as possible and save your home from another foreclosure notice.