Avoid Foreclosure and File for Chapter 13 Bankruptcy
When you are financially unstable and you take loans from lenders to pay the bills and support your family, it can be too easy to lose yourself and not realize that you are going under massive debt. Repeatedly taking loans from lenders can result in you being unable to pay it back. In such situations, the lenders demand their money and when you continuously fail to repay, these lenders can send you a foreclosure notice.
What is a foreclosure notice?
When you owe lenders a lot of money and fail to pay it back, then lenders send a notice stating that they have the power of selling your home to get their money back. Your house comes under power of the bank and the bank will sell your home to pay the lenders’ demands. Selling is the second step after a foreclosure notice.
Know the rules
If you are facing such problems and are afraid of losing your home, then you should know all the rules of a foreclosure notice. You can hire a Biloxi Bankruptcy’s Chris Davis and take his help to learn about the law and have a guide fighting for you in your corner. Chris will tell you that:
- A lender has no right to sell your home if you have failed to pay the loan just once
- Your home will be sold only if you have missed a couple of payments
- You home will be sold in an auction
Save your home!
To keep your home from the threat of lenders foreclosing, you can file for bankruptcy. Bankruptcy often helps you save your assets such as property, bank account, and valuable assets like cars, etc. -all you need is to know is the details of filing for bankruptcy and that you can do by hiring a bankruptcy lawyer in right here on the Mississippi Gulf Coast. Biloxi Bankruptcy Lawyer.com serves not only Biloxi, but also the cities of Gulfport, Pass Christian, Bay St. Louis, Long Beach, Ocean Springs, Gautier, Pascagoula, and northwards to Hattiesburg and all points in between.
File for Chapter 13 bankruptcy
If you want to save your home by filing for bankruptcy then your lawyer will advise you to file for Chapter 13. Chapter 13 bankruptcy proves beneficial when you want to avoid foreclosure. In Chapter 13, your lender cannot sell you house. As soon as you get a foreclosure notice, talk to your attorney and file for Chapter 13. There is a great chance that you will be able to save your home.
In Chapter 13, you pay a certain amount on a monthly basis to save your assets and valuables from getting sold. Even if you are under a lot of debt, the lenders have no authority to sell your property. You and your attorney will deal with the federal court that will assess your finances and collect your monthly income statements. You will work on a plan and pay off your debt on this monthly basis. For this you have to prove yourself eligible to the court for paying your debt with your income. With Chapter 13, you get 5 years to pay off your debts. Avoiding foreclosure can be tough, but with the help of a trusted and proven bankruptcy lawyer you stand a much better chance of reducing stress and navigating Chapter 13 bankruptcy more easily and save your home.