Dealing with foreclosure can be extremely difficult when a homeowner has worked hard to keep their home and pay it off. Thankfully, there is something a homeowner can do to prevent going through foreclosure in Chandler, AZ: contacting a lawyer can allow a person to learn more about a type of bankruptcy in order to stop the foreclosure process so they can keep their home and have time to catch up on their payments.
Chapter 13 is a type of bankruptcy that allows a judge to issue an automatic stay that prevents any further collection activity while the bankruptcy is in place. This prevents a mortgage holder from entering into the foreclosure process and gives homeowners three to five years to pay their debts and meet the mortgage payments they owe.
Not everyone is eligible for chapter 13 because they must have some type of income each month in order to cover their debts. Payments can sometimes be structured, so they are lowered according to the person’s income. It will be up to a bankruptcy court to determine whether or not a person is eligible and meets the income requirements. The court will also approve or disapprove the payment plan that is put in place. It is crucial the person pays their debts as ordered by the court so their bankruptcy will stand until the period is over.
This type of bankruptcy can prevent foreclosure and repossession, it can also be used for unsecured debts like credit cards and medical bills. Those who are dealing with foreclosure in Chandler, AZ can find help by first contacting a lawyer and scheduling a consultation appointment, to which they should bring in all information on the bills they owe, the income they have coming in, and the assets they own.
Those who are interested in filing for bankruptcy should Visit the Site at . Call the office of Asheton B. Call and schedule an appointment so as to get started on recovering from debt and getting back on track financially.
