Facing the possibility of foreclosure can be a daunting experience for any homeowner. The good news is that there are options available to help protect your home and navigate through this challenging time.
Understanding the Foreclosure Process
The first step in effectively defending against foreclosure is understanding the process. Foreclosure happens when a homeowner doesn't keep up with mortgage payments, prompting the lender to legally repossess the property. Each state has different laws and timelines regarding foreclosure, so it is crucial to familiarize yourself with the process in your area.
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Learning that a judge rejected your bankruptcy filing can be devastating. However, you need to figure out why it happened and if you might have additional options. Take these four steps before you decide what to do next.
Collect the Documents from the Ruling
Make sure you collect every document from the court that outlines what the judge's decision was. These will be invaluable in determining what the ruling means and if you may have any more bankruptcy options.
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If you're planning to talk with an attorney at a Chapter 13 bankruptcy law group, it's a good idea to understand how the filing process is likely to work. A Chapter 13 bankruptcy lawyer will want their clients to know these 5 things about the system.
Restructuring vs. Liquidation
The central idea of Chapter 13 is restructuring a filer's debts. If someone has a reasonable income but an unreasonable debt load, they have the right to ask the court to restructure what they owe.
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Filing for bankruptcy is a major financial decision that holds the possibility of providing you with substantial debt relief. However, this complex process can also serve to worsen your financial situation if you do not navigate the process successfully. That is why it is so important for you to hire a bankruptcy attorney to represent you in these proceedings. Below you will learn more about the services you can expect these legal professionals to provide all the way from the start of the bankruptcy process up until its conclusion.
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Filing for bankruptcy is something that might provide you with a lot of relief, but you should find out how it will affect you before you file. In most cases, people use Chapter 7 for the debt forgiveness it offers for many of their debts. You cannot receive forgiveness for all your debts, but you might for some. Here is an explanation of what happens to your debts in a Chapter 7 case.
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