If you’re a homeowner who is currently having to deal with the reality of foreclosure, you understand how scary, frustrating and overwhelming it can be. However, you need to know that help is available to you. One of the options that you may have to help you avoid foreclosure is to file a bankruptcy petition. However, because bankruptcy can be complicated, you’ll need to have help from an attorney in order to get through it. Read on to discover what you need to know about using bankruptcy to save your home from foreclosure and why hiring an attorney to help you is key.
Timing Is Everything
When you file a bankruptcy petition, the courts will grant you an automatic stay, which means that your creditors must stop all collection efforts. This can be a viable way to stave off foreclosure in Glendale, AZ until you can correct your financial situation in the bankruptcy process. However, you need to submit your petition before the foreclosure notice is filed so that you can complete the bankruptcy process before a sale date is scheduled for your home. If you contact an attorney for help, they’ll assist you in getting your petition finished and filed in a timely manner.
The Type of Petition Matters
If you’re trying to hold on to your home, it’s probably a good idea that you consider filing a Chapter 13 petition. This is because a Chapter 13 petition will allow you to create a loan repayment plan that works well with the budget you currently have, and you’ll get three-to-five years to catch up on late payments and bring your mortgage current. Not only will your attorney help ensure that you file the right petition, but they’ll help you come up with a viable plan to get your payments back on track so you can avoid foreclosure in Glendale, AZ.
Facing the possibility of foreclosure may be harrowing, but it’s vital that you know that there is hope. Working with the Law Offices of Asheton B. Call gives you a chance that you may be able to save your home through bankruptcy. Visit the site to explore your options for bankruptcy and discover additional information about how consulting legal counsel can help boost your chances of getting a favorable outcome in your case and help you hold on to your home.
