Foreclosure is an intimidating part of failing to meet mortgage payments or falling behind on debts owed to banks and other financial institutions. As frightful as it may be, though, it is not unstoppable. Our Sherman Oaks foreclosure defense lawyers from Wadhwani & Shanfeld take pride in helping people understand their rights and options when facing a foreclosure. If you have found yourself in such a harrowing situation, please do not hesitate to contact us to find out how bankruptcy might be able to make a positive difference.
How Chapter 13 Bankruptcy Helps Fight Foreclosure
When a bank moves to foreclose on your home, it should not be expected that it will make any unnecessary delays. It will try to complete the foreclosure as soon as possible to save its own bottom line. You have to act with the same sense of urgency.
With the help of our Sherman Oaks bankruptcy attorneys, you can readily file for Chapter 13 bankruptcy. As soon as your filing is made official – not when your bankruptcy case ends at a later date – an automatic stay will be placed on your accounts and property, which prevents foreclosure sales until the stay is lifted. Chapter 13 bankruptcy can also mitigate debts and change second or third mortgages into unsecured debt, which can be reduced or eliminated.
There are caps on debt amounts permitted for Chapter 13 bankruptcy filers:
- Secured debt: $1,184,200
- Unsecured debt: $394,725
If your debt surpasses either of these limits, then you will most likely be unable to file for Chapter 13 bankruptcy. This does not mean that you have no options. There is often some useful alternative that can be found if you work with a Sherman Oaks foreclosure defense attorney from our law firm.
We Bring Decades of Experience to Each Case We Handle
Your livelihood and sense of stability are hanging in the balance when a bank attempts to foreclosure your property due to missing payments or mortgage debt. You will find that our Sherman Oaks bankruptcy attorneys work diligently to protect your home and get your case up and running as soon as possible. We genuinely want you to enjoy a comfortable tomorrow by fighting foreclosure, not for our own reputation but for you and your family.
Begin your case today by calling (800) 996-9932.