FORECLOSURE DEFENSE IN VIRGINIA
VIRGINIA BEACH BANKRUPTCY LAWYER PROTECTING YOUR HOME
If you are thinking about filing for bankruptcy, chances are, you are wondering what will happen to your house. Especially if you are facing foreclosure, you may be wondering if you can save your house by pursuing bankruptcy. If you are in foreclosure, or if foreclosure is imminent, bankruptcy can actually be a way for you to keep your house. It depends on your situation, and which kind of bankruptcy you are filing. To see if this is an option for you, you can contact a Virginia Beach bankruptcy attorney from the David McCormick Law Group. For the past 17 years, our lawyers have provided clients with the trusted legal advice they need to successfully navigate all these complex processes. You can go over viable ways to defend against foreclosure with a bankruptcy attorney from our firm.
CHAPTER 7 BANKRUPTCY AND FORECLOSURE
When you file for bankruptcy, this causes an "automatic stay." What this means for foreclosure is that the whole procedure is put on pause. In Chapter 7 bankruptcy, this involves the delay of foreclosure for the few months that this bankruptcy will take. For some families, this can be all the time that they need to get back on their feet and caught up on their mortgage. It should be noted that concerns about foreclosure are separate from issues of keeping your house in bankruptcy. In Chapter 7, your property can be liquidated to satisfy creditors. Foreclosure and liquidation are entirely different processes. That being said, under certain circumstances Chapter 7 bankruptcy can be the way to go to save your home.
KEEPING YOUR HOUSE IN CHAPTER 13 BANKRUPTCY
With Chapter 13 bankruptcy, your debt is reorganized, making it more manageable. With foreclosure, this means that if you can file for Chapter 13, then this will put a hold on the foreclosure process. Mortgage payments are restructured so that you can make them more manageable. It is possible that in the 3 to 5 year process of this bankruptcy, you can be caught up on your late mortgage payments as well as your regular bills. In Chapter 13 bankruptcy, you have more time to recover financially than you do with Chapter 7, and those years can be the delay that you need to ward off foreclosure for good.
GETTING HELP FROM A VIRGINIA BEACH BANKRUPTCY ATTORNEY
At the David McCormick Law Group, we have helped more than 17,000 clients over the years. We are well-versed in ways to combat foreclosure and how to utilize bankruptcy to your full advantage. Since 1996, we have been dedicated to helping families overcome their financial difficulties and be free to move on. If you work with one of our Virginia Beach bankruptcy lawyers, you can find the legal counsel and representation that you deserve. When you have any questions regarding bankruptcy or foreclosure, you can look to our firm. Do not hesitate to give us a call and to schedule your free initial consultation. You can also get the answers you need by visiting our blog and filling out a free case evaluation. Do not delay your fresh start. Contact our firm today!