Serious financial problems can cause more than just the loss of your home or car. They can also cause a significant amount of stress and anxiety. If you’ve found yourself in over your head when it comes to your bills, here’s how taking with an attorney about filing Chapter 13 bankruptcy may be able to brighten your financial outlook:
A Solid Plan to Repay Debts
Filing for Chapter 13 in Casa Grande AZ will give you time to come up with a debt repayment plan that works for you. First, you’ll work with an experienced lawyer to come up with a reasonable budget. Once that budget has been approved by the court, those filing for bankruptcy will be able to make one monthly payment to their bankruptcy trustee instead of having to deal with each individual creditor. If you find that you don’t have the money to begin paying back your debts, your attorney may be able to help you make arrangements for loan deferment.
Saving Your Home
There are several ways in which choosing Chapter 13 bankruptcy can help you save your home and avoid foreclosure:
1. Making late payments on your mortgage can quickly cause your financial situation to get out of hand. While you may have the funds to pay your mortgage bill each month, you may find that you have difficulty paying the past-due bills that you owe. This is where Chapter 13 bankruptcy can help. Your attorney may be able to assist you with reorganizing your loan and negotiating with your creditor so that you can pay off your past-due invoices over the course of three to five years.
2. Those who have taken out a second mortgage on their home may find themselves unable to make the payments down the line. If this sounds like your situation, your attorney will let you know whether you qualify for lien stripping, which ensures that your second mortgage is discharged after three to five years so that you only have to be concerned with repaying your first mortgage loan.
Though the benefits of filing for Chapter 13 bankruptcy are mostly financial, there are great personal benefits as well. Speaking with a compassionate and experienced bankruptcy attorney like Asheton B. Call will not only help you get your finances back on track, but it can also help you regain your peace of mind and finally live a more stress-free life.
