Can I Keep My Home?
This is a key question that a majority of individuals filing for bankruptcy often ask. The idea of losing your home because you can't pay your mortgage bills is daunting, especially when you aren't sure about your debt relief options.
With the help of Lynnwood bankruptcy attorney William F. Bulchis, Inc., P.S., you can learn about how filing for bankruptcy can help stop foreclosure on your house as well as eliminate the tremendous debt that is weighing you down. Contact us today.
At the law office of William F. Bulchis, we understand the pressure you are feeling due to your insurmountable debt. Almost 35 years of assisting western Washington and Alaska residents struggling to get a handle on their finances has given William F. Bulchis the insight needed to understand his clients.
How Bankruptcy Can Help You Avoid Foreclosure
The immediate benefits of Chapter 7 or Chapter 13 bankruptcy come as soon as you file. An injunction known as an automatic stay will stop home foreclosure proceedings, as well as all other creditor collection activity.
During a Chapter 7 bankruptcy, this automatic stay — usually lasting 45 days, depending on any claims from secured creditors — may give you the time you need to sell your house or free up some funds in order to make payments on your mortgage and other important bills.
If you file for Chapter 13 bankruptcy, the automatic stay works the same in that it will stop foreclosure proceedings on your home as well as any collection activity. However, instead of trying to sell your home during the automatic stay period, your debt will be reorganized and incorporated into a repayment plan that can allow you to keep your home and pay back your delinquent mortgage payments and other debt over a three- to five-year period, whether the creditor likes it or not.
Do you have a second mortgage? Your second or subsequent mortgages may be able to be stripped from your deed and treated as unsecured debt during a Chapter 13 bankruptcy. Ultimately, this means you will only have to pay a small percentage of the original loan during your Chapter 13 repayment plan. Lynnwood bankruptcy attorney William F. Bulchis can help you understand if this is a possibility. Contact our office today.
Contact William F. Bulchis Today
Learn how to avoid home foreclosure. Call Everett stop foreclosure lawyer William F. Bulchis, Inc., P.S., today at 425-329-6587, or contact us online. We represent clients in Lynnwood, Washington, and the surrounding areas who need assistance with Chapter 7 and 13 bankruptcy. Let us help you get a fresh financial start. Our business hours are 8 a.m. to 6 p.m. Monday through Friday.
