Stop Foreclosure Lawyer | Filing Bankruptcy to Save Your House
Saving Your Home from Foreclosure
Whether the poor national economy has caused a job loss or some other costly misfortune has struck you individually, financial distress has become or will become a reality for millions of Americans. Few financial struggles are more difficult to deal with than the pending foreclosure of your home. We here at Arnold Wadsworth & Coggins know the burden of facing foreclosure and know how to help. We pride ourselves in being able to help struggling families and individuals get the full intended benefit of those laws which are designed to help these needs.
Our bankruptcy attorneys at Arnold Wadsworth & Coggins regularly consult with clients struggling with foreclosure and can help offer guidance on available options. Because both bankruptcy and foreclosure have very lasting effects on a person’s credit, it is very important that these decisions be well researched. Sometimes bankruptcy will not be your best option, and we can help you make that determination. In other situations, bankruptcy might provide you with the best opportunity to recapture financial stability. In those cases our bankruptcy attorneys will ensure that you avail yourself of the best results entitled to you under bankruptcy law.
Bankruptcy Options to Prevent Foreclosure
Filing for bankruptcy will initiate an automatic stay on your creditors which will prevent them from seeking payment on debts for a short time. Sometimes this extra time alone will be a valuable benefit to someone facing foreclosure. However, unless your financial circumstances quickly change and enable you to catch up on a mortgage, Chapter 7 bankruptcy will likely not prevent foreclosure in the long term.
Chapter 13, on the other hand, is the principal bankruptcy form used for preventing foreclosure on homes and often does provide a way for an individual to avoid foreclosure altogether. The reorganization of the debt and formation of a payment plan will enable many people the necessary time to catch up on their payments and keep their homes.
Excellent Attorneys here to Support You
A qualified attorney at the law firm of Arnold Wadsworth & Coggins can help you understand the pros and cons of bankruptcy. We will help you ultimately make those decisions about how to confront your possible foreclosure. Furthermore, we will work hard after your decision is made to ensure proper procedure is followed and to achieve the best possible outcome for you.
Call us today for your free initial consultation at (801) 475-0123.