Next week will be busy for the bankruptcy courts as bankrupt companies vie for sign-offs before the Christmas holiday break….read more
Many people are faced with foreclosure every year. If you find yourself in this situation, or fear it for any reason, then there are important things to understand. These three steps are the best starting place to manage a foreclosure situation.
Seek Legal Advice
There are both free and paid resources to help you in this department. In some cases you may be able to fight the foreclosure. In others, you might better be served by directing your focus to salvaging your financial status. Bankruptcy and other avenues are legally murky, so a good, informed conversation can go a very long way.
Get a Copy of Your Agreement
Make sure you have a verbatim copy of your mortgage agreement. You can come through it for ways to avoid losing your home, procedures if it’s already too late or ways to contact the right person for your situation. When you seek legal help, providing this copy will empower the attorney to help better understand your specific situation.
Explore Every Option
You may be able to refinance, apply for forbearance or get temporary interest reductions. As long as you start a conversation and ask about your options, you still have a chance to find a good solution.
If you think you need a foreclosure lawyer in Wilmington, you can follow the links.
A chain of 24 local newspapers across western New York filed for bankruptcy protection on Tuesday, blaming last year’s mega-snowstorm that dumped more than seven feet of snow on the smaller towns that the publications cover….read more
Bankruptcy is a word many people dread hearing, but it doesn’t have to be the end, but a solution. Of course, all avenues should be explored prior to filing for bankruptcy, but there are advantaged to filing chapter 7:
• It puts at least a temporary stay on your creditors
• It allows to you to sort out your finances
• It lets you re-negotiate debt
• It may prevent having your property repossessed
A good portion of the process of Chapter 7 bankruptcy involves negotiation and agreements. It is not meant as punitive but is a way of hammering out a compromise between the debtor and creditor. You may be able to discharge a number of your debts but the following are not dischargeable:
• Alimony or child support
• Criminal fines
Your debts on property may be discharged or you can negotiate a new repayment plan with a creditor. This will enable you to keep your property and come up with a plan that is realistic for you. Chapter 7 bankruptcy is one of the most straightforward types of bankruptcy, and is the course chosen by individuals, families and partnerships. To learn more about Chapter 7 bankruptcy or to look for a Chapter 7 attorney in Wilmington, browse this website.