Today Monday, 4th December 2023
Breaking News

Home Improvement, Residential Commercial Services and Real Estate

Finance management Business development Business strategy Business operations Business management Business growth Business analysis Industry trends Financial analysis Industry insights Industry challenges Manufacturing process Manufacturing industry Manufacturing technologies Parenting Family Journalism Lifestyle blog Current events Breaking news Media coverage Educational trends Scientific community STEM (Science, Technology, Engineering, and Mathematics) Legal support team Legal regulations compliance Intellectual property laws Career success Education software Online learning platforms Civil rights protection Corporate legal compliance Legal guidance blog Cybersecurity Social media marketing Digital transformation Network infrastructure Internet of Things (IoT) Web development Software maintenance Software engineering Mobile apps E-commerce platforms User experience (UX) design User interface (UI) design Responsive web design Artificial intelligence (AI) Car accessories Automotive engineering Car maintenance Adventure travel Car technology Vehicle Automotive trends Automotive industry analysis Car brands Healthy lifestyle Nutrition and wellness Dermatology services Cosmetic procedures Plastic surgery Alternative medicine Fitness exercises Mental health Yoga and meditation Oral health Fashion Women's fashion Skincare routine Wedding flowers Fashion accessories Online fashion community Online shopping Fashion tips Pet Health Services Veterinary Care Shelter and Rescue Home renovation ideas Interior design inspiration Home decor trends mart home technology Real estate market trends Rental property management Gardening and landscaping tips Home remodeling and renovations Moving and packing services Professional home cleaning furniture and accessories Art and design workshops Art and culture events Art festivals and fairs Visual arts and crafts Outdoor adventures Sports events sports Gaming community Outdoor family activities Gastronomy Food tourism Food exploration Vacation Holiday Tourist Attractions Travel destinations Leisure activities Weekend getaway Travel experiences News reporting Residential services Big Data Real estate agent selection Parenting Guides Pool maintenance and cleaning Fashion industry news health shop Data analytics Community Press release zoom news info Health and wellness tips data macau travel Medical treatments school trips plus uk Legal assistance Parenting Tips puppy love pets uk Automotive manufacturing Exterior home improvement Travel tips Headlines Food culture Automotive industryCriminal Law Healthcare services school Trip sports Equipment dental Beauty Education International

How bankruptcy attorneys save your property

How bankruptcy attorneys save your property

Financial difficulties can impact many aspects of your life. Debt collectors will make every effort to contact you repeatedly. As debt collection efforts become more intense, you might consider filing for bankruptcy. Working with a skilled bankruptcy attorney Oklahoma can give you the clarity to make an informed decision. It is the most acceptable option, given your current financial condition.

Many people considering filing for bankruptcy are worried about losing their homes. Some may face foreclosure. Others may manage their mortgage just fine but don’t want to lose their home in bankruptcy.

An automatic deferral will stop creditors and give all complainants some temporary breathing space, but whether you’ll be able to keep your home will depend on your situation, your state homestead release, and the chapter you’re filing.

A bankruptcy postponement automatically prevents creditors from proceeding with collection actions after you’ve filed a bankruptcy petition, including foreclosure proceedings. Allow the lender to continue the foreclosure.

Keeping your home is often the most significant concern about filing for bankruptcy – and which chapter to file.

Three factors determine whether you can defend your home in bankruptcy proceedings:

  • The bankruptcy chapter you filed.
  • How much equity have you paid into your mortgage?
  • If you can afford your monthly mortgage payments when you are in debt

Protecting Your Home in Chapter 13 Bankruptcy

You keep your property and pay back your debt (some in total) over time. Since you saved your property in Chapter 13, you will not automatically lose your home. But keeping the house in Chapter 13 can be expensive.

You’ll be fine if you’re currently in your mortgage payments and can cover all your equity except bankruptcy. However, this is where it can come at a cost—a whistleblower must pay a creditor a total amount of equity under the plan. So you must demonstrate that you have sufficient income to cover your monthly home payments, non-exempt equity, and all other debt payments required over the three to five-year Chapter 13 repayment plan.

If you’re late on a mortgage payment and facing foreclosure, Chapter 13 allows you to pay off the arrears through your payment plan. For this reason, Chapter 13 is often an excellent choice for people who are at risk of losing their homes. But again, you must demonstrate that you have sufficient income to make your regular monthly payments and pay the arrears and all other necessary amounts—including any equity replacements with no exceptions—for the duration of the program.

This form of bankruptcy may suit your situation if you are currently late paying for your house or vehicle. An Oklahoma bankruptcy attorney can evaluate your current situation to see if a Chapter 13 payment plan would help to:

  • Get rid of your unsecured debt, which may include credit card bills, medical bills, repossession shortfalls, foreclosure shortfalls, and more, through a payment plan that’s affordable to you.
  • Keep your home, condo, or mobile home even under foreclosure; and
  • If you miss a few monthly mortgage payments and default, hold on to your home.

Related Posts


Related Posts

Read also x