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Dealing with a foreclosure can be a frightening experience. Will you lose your home? Will you lose the equity you have worked so hard to build? We will give you advice from someone you can trust. As experienced attorneys, we can help you by taking the time to meet with to answer whatever questions you may have about the foreclosure process. We will help you examine the options you may have, including refinancing, selling and filing bankruptcy. Call our bankruptcy attorneys in Traverse City, Charlevoix, Gaylord, and Frankfort.
Chapter 13
Depending on your particular situation, filing for Chapter 13 protection can help you in one of several ways:
- Chapter 13 can stop foreclosure and allow you to repay the current arrears on your mortgage over a period of up to 5 years, so that you can remain in your home;
- Chapter 13 can give you time to sell your house for fair market value so that you do not lose all of your equity;
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Chapter 13 can stop your foreclosure and allow you time to refinance your mortgage and pay off your debts.
If you would like to learn more about filing Chapter 13, or if you would simply like to get honest answers to your questions, please contact us right away. Please make sure to let us know that you are facing foreclosure so that we can schedule an appointment right away with a bankruptcy attorney in Traverse Cty and other Northern Michigan offices.
Chapter 7
For many homeowners, there is simply no realistic way to keep a home because the payments have become unmanageable and there is little or no equity. If you bought a home with no money down and have seen your adjustable rate jump significantly, it will probably be difficult or impossible to sell the property. You can't refinance either, because your house won't appraise for enough and you probably have a pre-payment penalty as well.
Chapter 7 Bankruptcy is sometimes your best option to this impossible situation. While you won't be able to keep the house if you can't make the payments, the automatic stay can give you some protection during the time you are in bankruptcy. Additionally, your discharge can eliminate any deficiency which might remain after the property is sold at foreclosure. Best of all, the fresh start you get in bankruptcy will help you get back on your feet so that you can eventually become a homeowner again.
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