If you have accumulating debt and are behind on your mortgage payments, your lender may threaten foreclosure. If this is the case, Chapter 13 bankruptcy can be a good way to stop the proceedings. A Chapter 13 bankruptcy provides an automatic stay, or court order, to stop the foreclosure from moving forward as soon as the debtor files it. Once this is done, the debtor has more time to pay off their home, which now has lower monthly payments. The debtor can keep their home as long as he or she keeps making these new payments on time. An expert bankruptcy and foreclosure attorney in Santa Rosa, such as David P. Gardner, can evaluate your financial situation and help you get started on filing for Chapter 13 bankruptcy.
Advantages of Chapter 13 Bankruptcy
Just about everybody is eligible to apply for Chapter 13 bankruptcy. You are eligible as long as your unsecured debts are less than $375,000, your secured debts are less than a million dollars, and you haven’t already filed within the last 180 days and been turned down because you didn’t comply with court rules.
When you file, all harassment from creditors will end, because the repayment of your remaining debt will be managed by a trustee. But as the debtor, you have to do your part and provide a list of your expenses, your debts, your income, and any required tax information. A skilled bankruptcy attorney can help you do this effectively.
Schedule a Free Legal Consultation with a Bankruptcy Attorney in Santa Rosa, California
If you’re considering filing for Chapter 13 bankruptcy, call the David P. Gardner Law Firm and get the caring and competent help you need. To schedule a free legal consultation with an experienced bankruptcy attorney in Santa Rosa, call us at (707) 658-4460. Let us get you on the road to financial freedom.