If you are like most Americans, your house is your most valuable asset. It’s more than just an investment or a piece of property, however. It is also your home; a place filled with love and memories. That is why it can be so devastating when you are faced with the possibility of foreclosure. By consulting a bankruptcy lawyer from Stoughton, MA you may be able to save your home and turn your financial situation around.
Many people don’t think to call a bankruptcy lawyer to stop foreclosures. They think that by filing bankruptcy all of their assets—including their house—will be liquidated. This simply isn’t true. While chapter 7 bankruptcy is essentially a liquidation of assets, both state and federal laws allow some assets to be exempt. These may include your car, your home, clothing, retirement funds as well as a small amount of money for living expenses. With the help of a lawyer, you can then make payment arrangements with your mortgage provider. A bankruptcy lawyer from Stoughton, MA is well versed in the intricacies of the law and can assess your situation to determine if chapter 7 bankruptcy is the best option for you.
Chapter 11 bankruptcy also allows you to keep your home. In this type of bankruptcy, no assets are liquidated; rather, it is a reorganization of debt. Using a mathematical formula, a court determines a payment plan and as long as you make the required payments over the specified time period, any remaining debt will be forgiven. In chapter 13 bankruptcy, you can use the payment plan to make mortgage payments that are past due and stop the foreclosure process. Many lenders look at filing for bankruptcy as the first step to turning your financial situation around. They would negotiate a payment plan with you to recoup as much of the loan as possible over its life rather than foreclosing on the home and auctioning it off at a loss.
Even if filing for bankruptcy isn’t in your best interest, a bankruptcy lawyer from Stoughton, MA can still help you keep your home. The recent administration has made many different changes to the rules and regulations that govern the lending industry. If you are behind on your mortgage payments, you may qualify to have the terms of your mortgage restructured. This will allow you to make a lower monthly payment and catch up on past due payments.
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Bankruptcy lawyer Stoughton, MA – When looking for an experienced bankruptcy lawyer in Stoughton, MA, Business owners must go for the expert legal services provided by Sweet & Rose Attorneys at Law.
