Using Bankruptcy to Manage Mortgage Foreclosure Problems
Under certain circumstances, it makes sense to use a Chapter 7 or Chapter 13 bankruptcy filing to avoid mortgage foreclosure, to cure mortgage arrearages, or to reduce the amount of your mortgage liability. Keep in mind, however, that this is a fairly drastic remedy that requires careful analysis of your financial situation, mortgage characteristics and household cash flow.
To learn about our lawyers' ability to advise you about the factors that will affect your decisions on mortgage and bankruptcy issues, contact the Naziri Law Group. With offices in Woodland Hills, Irvine, Oakland and San Jose, we're convenient to clients throughout the state.
The automatic stay of bankruptcy stops mortgage foreclosure just as it stops any other creditor collection activity. That doesn't necessarily mean that a Chapter 7 or Chapter 13 case is a good idea in any given situation. To find out whether bankruptcy represents a lasting solution to mortgage problems in your case, our attorneys will work with you through the following questions:
- Does keeping your house make sense in your situation?
- Do you have equity in the house that's worth protecting?
- Can you refinance mortgage arrearages before your situation approaches foreclosure?
- Will you be able to meet Chapter 13 plan payments every month for three to five years?
- If you have no equity, how much mortgage debt will you be able to discharge in bankruptcy?
The Naziri Law Group can help you define your goals and develop sound strategies for resolving mortgage foreclosure problems whether you live in Los Angeles, Orange County or the San Francisco Bay Area. For a free consultation about your most promising options, contact us at any of our four California locations.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.
