My Bankruptcy Attorneys Help You Avoid Foreclosures
Getting a financial fresh start without losing your home
The prospect of losing your home is devastating. Keeping up with a mortgage during these challenging times difficult, and it is unfortunately too easy for one missed payment to become several until you feel as if you may never catch up. If you are about to lose your home to foreclosure, filing for bankruptcy can offer a way out. At the Law Offices of Michael Jay Berger, my bankruptcy attorneys have a solid reputation for defending individuals against home foreclosure through bankruptcy. I, firm founder Michael Jay Berger, have successfully stopped foreclosures in every case I have taken.
Avoiding foreclosure through Chapter 7
Although you cannot discharge mortgage debts through Chapter 7, you can wipe out unsecured debts such as credit card balances, personal loans and medical bills. Without that debt, it may be easier to catch up on your mortgage payments. State law also offers two sets of property exemptions that allow you to hold on to certain assets after bankruptcy. The Homestead exemption, for example, offers you the ability to exempt the equity of your house up to a certain amount. An attorney at my firm will evaluate your assets and your financial situation to determine if Chapter 7 bankruptcy is the right method for helping you avoid foreclosure.
Avoiding foreclosure through Chapter 11
Chapter 11 bankruptcy can help a struggling business stay afloat in a number of ways, one of which is to help its owners avoid foreclosure. Although Chapter 11 was originally intended for large corporations filing for bankruptcy, it may also be used by individuals who are not eligible for Chapter 13 filing due to debt or income limitations. Immediately after filing for Chapter 11, you and your assets will be protected by an automatic stay — stopping foreclosure proceedings, repossessions, liens, lawsuits or other collection activities. Our attorneys can also assist with eliminating a second or third mortgage through lien stripping.
Avoiding foreclosure through Chapter 13
If you are very far behind on payments, Chapter 13 may be a better option. Chapter 13 is a debt repayment plan that reorganizes all of your debts and creates a reasonable monthly payment plan. Under Chapter 13, you have up to five years to bring your mortgage payments up to date. In this period, you can:
- Catch up on arrears. Reorganizing your debt allows you to spread out the overdue payments over the length of your Chapter 13 repayment plan.
- Take advantage of the automatic stay. After you file, an automatic stay goes into effect. This prohibits creditors from making any collection efforts against you, including moving forward with foreclosure proceedings.
- Eliminate a second or third mortgage. If your house is worth less than your first mortgage, and your second mortgage has no equity, Chapter 13 will allow you to strip the second (or third) mortgage from your loan amount.
As a homeowner, you have more rights than you may be aware of; my experienced law firm in Los Angeles can help you uphold those rights and keep your house.
My firm is available to help you with your foreclosure. Contact me today.
When you are in dire financial straits, you need a bankruptcy attorney who knows the law, knows the system and knows you. Located in the heart of downtown Beverly Hills, I provide a wide range of services for individuals and families suffering from the weight of excessive debt. Call the Law Offices of Michael Jay Berger at 310-271-6223 or contact me online to schedule a free consultation.