Bankruptcy, Foreclosure and Mortgage Modification. Deciding whether to file for a bankruptcy requires an understanding of the bankruptcy process and an analysis of your financial situation to determine what is right for you. At the Law Firm of Anthony J. Perano, you will have the benefit of legal representation from a consumer bankruptcy lawyer who has more than 25 years of practical experience in this field. Mr. Perano can review your financial scene, advise you on your options, help you make an informed decision, prepare and submit your bankruptcy filing, and oversee your case through to its conclusion. He will personally handle your case from start to finish, ensuring that it is done properly to avoid any complications, errors, or legal problems. To learn more about the legal services he offers, please review the following topics. Click on the highlighted areas to be directed to additional pages of information concerning the subject and how the firm can assist you with your legal matter.
Chapter 7 is the most common form of personal bankruptcy for individuals and married couples. In this form of bankruptcy, all of your unsecured debt is discharged by the court through a liquidation process. If there is any property available to the bankruptcy estate , your debts will be paid by the Trustee in charge of your case who will turn any available non-exempt assets into cash. However, in most cases there is no property available to the bankruptcy estate and the debtor will receive a clean and complete discharge and fresh start! An eligibility requirement applies to this form of bankruptcy.
A Chapter 13 filing is known as a reorganization bankruptcy. In this type of case, you will submit a repayment plan to pay off debts over a 3 to 5 year period. At the end of your case, any remaining debt will be discharged. A Chapter 13 allows you to retain valuable property, such as your home or car. You must have a steady source of income to be able to pay your monthly expenses as well as to make the necessary payment on your repayment plan to the court.
Life after Bankruptcy
Life after bankruptcy has the advantages of giving you a fresh start and a new control over your financial scene. It will also contain some challenges, for which you should be prepared and which can be overcome with responsible money management.
If you have defaulted on your mortgage payments, you may be facing a potential foreclosure. A foreclosure will begin with a Summons and Complaint and a Notice of Pendency. If you have received these, you should contact an attorney immediately in order to submit an answer. If you are falling behind on payments, learn what can be done to help stop foreclosure actions through bankruptcy and other legal actions.
In a mortgage modification, negotiated with your lender, your loan is restructured to make it more affordable for you. Through such a modification, those facing financial hardship or a potential foreclosure can obtain a permanent change in one or more of the terms of the loan, such as the interest rate, monthly payment, or principal amount.
Those who need relief from high mortgage payments who are in a pending bankruptcy case may take advantage of a loss mitigation program which may lead to a restructuring of their home loan and a reduction of the interest rate. This unique program has been highly successful. Mr. Perano can advise you on how the program works how it applies to you.
Benefits of Bankruptcy
The leading benefit of filing for bankruptcy is the eventual discharge of your unsecured debts, which gives you a new financial beginning. Other advantages include the automatic stay which involves court protection from creditors harassment, the protection of your assets and property, and the ability to catch up on the payments of valuable property, such as your home and car.
Getting sound legal advice and information is essential if you are in a state of financial crisis. Learn what can be done to reduce or eliminate your debt by consulting with the attorney at the firm in a free, initial telephone consultation. Telephone Mr. Perano directly get started today.