Foreclosure in Los Angeles, California
Our homes are the central factor in many of our lives - the sentimentality and emotional significance placed on a home cannot be underestimated, and for many these intangible factors far outweigh the actual cost or value of the home in a financial sense. Because of this, foreclosure often hits families particularly hard, and the level of fear, anxiety and uncertainty that comes from the thought of losing one's home can be devastating. Fortunately, filing for Chapter 13 bankruptcy may provide a way for some homeowners to remain in their homes, avoid the foreclosure proceedings, and gain a fresh start with full financial security.
Filing for Chapter 13 bankruptcy in Los Angeles County invokes an automatic stay that applies to many types of collection activities, including foreclosure. During this automatic stay, you may be able to negotiate with your lender in order to avoid going into foreclosure. If you are behind on your mortgage payments, you can repay what you owe over the course of your repayment plan, so long as you remain current on any other mortgage payments that come due after you file. As another benefit, the bankruptcy judge may be able to adjust some of your debts, freeing up income for you to make your mortgage payments on time and in full.
Even if you have missed several months of mortgage payments, you may be able to make up these payments in the 3-5 year repayment period that is typical of Chapter 13 bankruptcy. Any interest you pay on your mortgage is still tax deductable, even if you are still making payments under a Chapter 13 repayment plan. The benefits of filing for Chapter 13 bankruptcy in Los Angeles County are numerous, and if you are trying to save your home, this may be one way that will provide the best benefit for everyone involved.
Filing for Chapter 13 bankruptcy is a big decision, especially when there is a potential foreclosure involved. If you are considering filing for Chapter 13 bankruptcy and are worried about losing your home, please contact our office. Our team of professional, expert Chapter 13 Bankruptcy Lawyers will be able to assist you by answering any questions that you may have about your Los Angeles County Bankruptcy case. We even offer a free initial case evaluation, so if you aren't certain about whether you should file for Chapter 13 bankruptcy protection, we can help you understand your choices and what these options mean for you financial future and peace of mind. Contact us today and let us help you get the financial freedom that you deserve, and potentially avoid foreclosure in the process.