Filing for Chapter 13 bankruptcy allows you to keep your home in several ways. The first is through the automatic stay which prevents your creditors from harassing you while your case is under way. The second is through a repayment plan that allows you to repay the arrears on your mortgage over several years. The first offers a temporary respite, while the latter is a more permanent solution.
Chapter 13 bankruptcy and mortgage
When you file for Chapter 13 bankruptcy, you do not lose any property. If you are behind in mortgage payments, Chapter 13 allows you to keep your home and pay the mortgage average over 5 years.
In a Chapter 13 bankruptcy, if you are current on your mortgage payments, you can make your payments to your mortgage lender directly. Read more from this blog: http://bit.ly/2orerx9
Chapter 13 bankruptcy has a process called ‘lien stripping’ that may allow certain homeowners to get rid of a second mortgage or home equity line of credit. Lien stripping requires a separate motion with the court. The basic process is as follows, which should be completed with the help of your Raleigh, NC bankruptcy lawyer:
- File Chapter 13 bankruptcy.
- File a motion or other written legal request to explain why the second mortgage from your house should be removed.
- Give creditors proper notice.
- Once the motion is approved, prepare and submit the order to be signed by the judge.
An approved ‘lien stripping’ order directs your second mortgage creditor to strip their claim from your home and the mortgage company must leave you alone until your case is discharged. As you can imagine, this can provide some great relief to a debt problem. Read more from this blog: http://bit.ly/2oKkCjB
Filing for bankruptcy comes with many benefits. One of its more widely known perks is that it can force your creditors to stop contacting you. This rule is called the automatic stay, which aims to prevent creditors from constantly bugging you when your bankruptcy case is filed. Your Raleigh bankruptcy lawyer shares with you some key points about the process, so you will know your rights.
The start of the automatic stay
When you file for bankruptcy, a notice is immediately sent to all your creditors telling them that an automatic stay is in effect. The word automatic means that the day is instantaneous when you file your case, and from that point on, creditors must refrain from calling you, emailing you, garnishing your wages, suing you, or foreclosing on your house. If they have begun with any of these actions, they need to cease immediately or face sanctions by a judge. Read more from this blog: http://bit.ly/2or7mgm
In the past, people used to look forward to retirement, as this usually means they can finally enjoy the fruits of their lifelong labor. However, this isn’t the usual case today, as more and more seniors dread reaching the age of 66.
According to USA Today, 97 percent of people over the age of 65 can’t write a check for $600 due to lack of funds. This may seem surprising considering that seniors have had all their lives to save, but conditions today are not like what they used to, and today’s seniors, Raleigh, NC residents included, face several different issues that contribute to their financial struggles. Read more from this article: http://bit.ly/2or2UxP
One of the most popular myths in declaring bankruptcy is that the individual in question has gone on a spending spree without any thought of possible consequences. However, as bankruptcy lawyers in Raleigh, NC would tell you, court statistics show that most people go bankrupt for many different reasons.
The United States Bankruptcy Court statistics also show that in the current economic situation, 97% of those who have filed for bankruptcy are individuals, and not groups or businesses. Read more from this blog: http://bit.ly/2m9V4ct
If you are already stressed out due to massive debt, you may be seriously considering filing for bankruptcy. As the federal law defines it, declaring for bankruptcy is a legal proceeding that grants a fresh financial start for a debt-ridden individual.
Filing for bankruptcy can eliminate many types of legal obligation to pay most of your debts, stop foreclosure/repossession of assets, give you a chance to catch up with your payments, and put a permanent break on debt collection harassment and wage garnishment among others. Read more from this blog: http://bit.ly/2lvcVNW
Filing for bankruptcy is pretty scary, especially when you think about the possible consequences of such action. However, there are sometimes circumstances beyond a person’s control that lead an individual to declare themselves bankrupt, in order to regain control of their financial situation.
A bankruptcy lawyer in Raleigh says that when done right, filing for bankruptcy can actually save you from sinking deeper in debt, preserve your peace of mind, and can definitely save you some money in the long run. Read more from this blog: http://bit.ly/2m9RNtG
The degree of difficulty in managing finances is relatively the same whether you are concerned with an individual, a family’s, or a business’s financial health. However, there are times when your best effort is not enough and it may be the best option to declare bankruptcy as some people in Raleigh, NC have.
Declaring bankruptcy is downright scary – However, if done right, filing for bankruptcy can give a financially troubled person or group peace of mind. After you receive a discharge of your debt, your credit score will even improve. Bankruptcy laws for residents of Raleigh were drafted to provide heavily indebted people some relief. Read more from this blog: http://bit.ly/2m9GnGD
For many people dealing with debt, filing for bankruptcy is often the only option. This process helps consumers or businesses re-organize their debts under the protection of the bankruptcy court. Chapter 7 bankruptcy is one of the two types of bankruptcy you can file for. This falls under the liquidation category. Under this arrangement, a bankruptcy trustee may take and sell the debtor’s property, if it is not exempted or protected, as payment for their debt.
If you are considering filing for a Chapter 7 bankruptcy, it is highly recommended that you work with an experienced lawyer in Raleigh, NC. Beyond that, however, there are a few steps you should take to prepare. Read more from this blog http://bit.ly/2kEu8zp
In Chapter 7, you as the debtor will be able to get rid of debts through a process of liquidation process. Some of your assets will then be sold to settle your debts. State bankruptcy laws normally require people to pass a means test to disqualify debtors who may be able to pay back some of their debts. If you don’t qualify for Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy is another option you can look into.
You can convert your Chapter 7 bankruptcy filing to a Chapter 13 with the help of an experienced bankruptcy lawyer in Raleigh, NC. The following are some of the reasons why it might be necessary for you to make the switch. Read more from this blog http://bit.ly/2lpOaS8