Pima County Home Foreclosure Lawyer
Due to the recent economic crisis, home foreclosure has become an everyday fact of life throughout the United States. If you have been threatened with foreclosure, you are certainly not alone. More importantly, you have options. Filing bankruptcy can be part of an overall strategy for avoiding or reducing the impact of foreclosure.
At the Arizona Law Group of Trezza & Associates, we will analyze your case to determine whether filing bankruptcy is likely to help you. Contact us to set up a consultation with one of our attorneys.
Avoiding the Worst Consequences of Losing Your Home
Ultimately, if you want to keep your home, you need to be able to continue making your payments. If you cannot afford those payments, you probably need to start planning to give it up at some point. Bankruptcy can help you in a couple of key ways:
- Discharge deficiency judgments: If you owe more on your home than what it is worth, you may end up being liable for the difference between what you owe and what the house is sold for. This is called a deficiency judgment, and it can be discharged in bankruptcy.
- Buy time and save money: Filing bankruptcy halts the foreclosure process. This buys you the time you need to regroup and catch up on your house payments or sell your house on your own terms while saving up money for a new place.
Sometimes, it is necessary to walk away from a home rather than continuing to lose money and going further into debt every month. Bankruptcy may help you make the process go more smoothly, so you can move on with your life.
Exploring Your Options for Avoiding Foreclosure
There are situations where filing bankruptcy may help you keep your home. For instance, filing Chapter 7 will give you relief from your other debts — such as credit card debts — so that you can focus on making your mortgage payments on time. In Chapter 13, there are strategies that can be used to help you catch up with past due payments or strip a second mortgage off your house.
Contact Us to Learn More About Stopping Foreclosure
Every case is different, so it is important to discuss your situation with a Tucson foreclosure prevention attorney before making a decision. Contact us to discuss your options.
