The economic downturn has hit Tempe hard and has left many people at risk of home foreclosure. If you are struggling with mortgage debt and facing home foreclosure, it is important to explore your legal options. Bankruptcy can be instrumental in 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 Tempe foreclosure attorneys.
Avoiding the Worst Consequences of Losing Your Home
If you wish to keep your home, you will have to be able to keep up with monthly payments. If that is beyond your means, you will likely have to give up your home at some point. However, depending on your situation, bankruptcy can help you keep your home or give you time to get your financial situation in order.
Chapter 13 bankruptcy can help you keep your home, while getting up to date on your mortgage debt over a three-to-five-year period.
Even if you cannot afford to keep up with payments, filing for bankruptcy can give you the time you need to regroup and explore other options. Chapter 13 and Chapter 7 bankruptcy both halt foreclosure and other creditor actions.
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 a Foreclosure Attorney in Tempe
Every case is different, so it is important to discuss your situation with a Tempe foreclosure prevention lawyer before making a decision. Contact us to discuss your options. We represent clients from Mesa, Tempe, Tucson and throughout the surrounding region.
