As the owner of a home, it can be devastating to hear foreclosure is imminent. Most homeowners do all they can to keep their home and pay it off as soon as possible, but unfortunately, life situations cannot always be controlled. When a homeowner is facing foreclosure in Casa Grande, AZ, they need to be aware there are methods for stopping the process. Chapter 13 bankruptcy can stop the foreclosure process and allow a homeowner time to bring their mortgage payments current.
If a homeowner is facing foreclosure, they need to call and schedule a consultation appointment with a lawyer that works in bankruptcy. It is important to bring in financial records and income information so the lawyer can help their client determine what recourse will be most successful in stopping the foreclosure process. Chapter 13 will allow a person to be given three to five years to pay down their debts so no further collection activity will occur.
There are certain requirements for chapter 13:
• A person filing for chapter 13 must have a reliable and steady income so their payments can be restructured.
• There are limits on the secured and unsecured debts one can file under chapter 13. These change each year so it is important to check with a lawyer for the amounts.
• A person must not have filed for chapter 13 within the last two years.
To ensure a person meets all of the requirements for this type of bankruptcy, it behooves them to meet with a lawyer. The lawyer will work to make sure the bankruptcy paperwork is properly filed to ensure there are no needless delays in the process. It is crucial an applicant pays their payments as directed so they can avoid issues with the status of their bankruptcy.
If you are dealing with too much debt and want to save your home from foreclosure in Casa Grande, AZ, visit Azdebtfree.com. Asheton B. Call is a lawyer who can help you overcome your debt and avoid foreclosure. Call the office today to schedule your first appointment so you can learn more about bankruptcy and how it can save your home.
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