foreclosures/repos. how to stop them by filing bankruptcy
DESCRIPTION
Foreclosure is a legal process in which a secured lender retakes ownership and control of a piece of real property from the borrower. Repossession is a similar process involving personal property like a vehicle or computer or other secured collateral.TRANSCRIPT
IN THE FULL GUIDE YOU WOULD GET:
A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,
and practical guidance for finding a quality bankruptcy attorney.
Topics covered:
- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.
CONSUMER’S GUIDE TO
BANKRUPTCY
Want a free copy of this guide? Just send an email to [email protected] and look for it in your inbox!
This is an excerpt from the
FORECLOSURE AND REPOSSESSION
Foreclosure is a legal process in which a secured lender retakes ownership and control of a piece of real property from the borrower.
AVOIDING REPOSSESSION If your are behind on your car payments, and the lender is threatening to repossess it, you can file Chapter 13 and propose to repay the loan, late fees, etc. through your plan. Once the case is filed, the automatic stay goes into effect, and the creditor cannot come pick up your vehicle.
In some situations, you may be able to regain possession of a vehicle that has been recently repossessed by filing Chapter 13.
AVOIDING FORECLOSURE Countless people have used Chapter 13 for just this purpose. When your mortgage company will not work with you as you try to catch up your payments, or when your attempts to modify your mortgage fail, filing a 3 may be your best option to retain the home and work out a repayment plan for what you owe on it.
Even if your mortgage company has begun the foreclosure process, you may still have time to file for Chapter 13. In most circumstances, the filing of a bankruptcy will invoke the automatic stay, stopping the foreclosure from happening. So long as you comply with your plan and meet all your obligations during your Chapter 13, the mortgage company should not be able to touch your home.
13 deals with your mortgage in 2 important ways: 1. It makes the continuing mortgage payment due
on the house; and 2. It pays all the arrearages due to the mortgage
company so that you become current by the time you complete your case.
Did you know that you can save your home from foreclosure or your car from repossession by filing Chapter 13 bankruptcy? It’s true. In a Chapter 13 you can put together a plan to keep your home, your car, and other collateral that a creditor is threatening to take back.
Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,
or visit the website at www.llgtn.com.
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ABOUT THE AUTHOR
Gordon H. Boutwell, Atty Lodestone Legal Group 198 E. Main St., Ste. 4 Franklin, TN 37064 615-‐807-‐1064 [email protected] www.llgtn.com
GORDON BOUTWELL is a bankruptcy and consumer protection attorney in Franklin, Tennessee. He has practiced law since 2006, with most of that time dedicated to bankruptcy, personal finance, and consumer advocacy. Over the years he has helped hundreds of individuals, couples, and families with their financial problems. He believes in treating other people the way he would want to be treated in the same situation. He takes the time to get to know his clients, and he educates them on their options for getting out of debt, helping them to understand and evaluate them. He believes bankruptcy is a worthwhile tool to help some (but not all) people get out of debt, and, when combined with financial education and counseling, can be a springboard to financial independence. In March 2011, Gordon and R. Keith Gordon formed the Lodestone Legal Group in Franklin Tennessee, with the purpose of assisting business and private clients by exploring legal options, navigating the legal pitfalls, and providing measurable results through custom solutions and a commitment to the lost art of personal care and client service. Lodestone Legal Group practices in the areas of bankruptcy, debt negotiation and settlement, financial counseling, residential and commercial real estate, estate planning (wills and trusts), and small business and corporate law.