Archive for September, 2009
Personal Bankruptcy Laws For Dummies
September 3rd, 2009
If you're considering bankruptcy, you need straightforward answers and reliable advice. This handy guide covers it all -- so you can get your finances in line and your life back on track. This updated new edition covers everything you need to know about the new bankruptcy law and includes even better resources. Don't get desperate -- get out of debt instead!
Discover how to
- Weigh the consequences of bankruptcy
- Manage your spending
- Find professional help you can trust
- Decide on the right type of bankruptcy
- Pass the means test
- Keep more of your stuff
Buy Personal Bankruptcy Laws For Dummies
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Posted in Bankruptcy | 
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How Filing Chapter 13 Bankruptcy Can Save Your Home
September 2nd, 2009
Although it is not an attractive option to think about, filing for Chapter 13 bankruptcy can actually help you save your home and avoid foreclosure. Unlike filing Chapter 7 bankruptcy, with Chapter 13, you can set up a repayment plan that will allow you to pay missed mortgage payments over a long period of time such as three to five years. As soon as you file for bankruptcy protection, the lender has to stop the foreclosure process immediately until the bankruptcy case is heard in court. When the case is heard, you will work out a repayment plan that is acceptable for to the lender and you. Therefore, the lender will stop the foreclosure effort and you can keep staying in your home.
Avoid paying unsecured debts
The repayment plan will outline what you have to pay and when. If you have unsecured debts, you may end up paying very little towards them or pay nothing at all. That means, you will have money left to pay your missed mortgage payments.
Contest the foreclosure
Sometimes, you can contest the legality of the foreclosure on your home in the bankruptcy court. You can also contest any claims for costs and fees that are added to missed mortgage payments. A lot of the time, these costs are significantly reduced or eliminated when contested.
Get rid of other liens on your home
If you have a second mortgage lien or third mortgage liens on your home, you can usually get rid of them by filing bankruptcy. Most liens that are wholly unsecured can usually be dismissed.
Bear in mind, though, that filing for bankruptcy protection has lots of consequences so you should think carefully about your situation to make sure that it is what you want to do and what you need to do. If you need help or advice from a lawyer, you can use the service below to find one. The service is free and confidential.
Posted in Bankruptcy, Ways to Avoid Foreclosure |
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Should I Contest my Foreclosure?
September 1st, 2009
There are times when it makes sense to contest a foreclosure but not every time. However, if you have a case to contest your foreclosure in court, then you might buy yourself some time to stay in your home longer while you figure out what to do next. You must contest a foreclosure in court. There are many reasons why someone will and can contest a foreclosure even if that person defaults on the loan and fails to keep up with mortgage payments.
When does it make sense to contest the foreclosure?
If the foreclosing party obviously fails to follow the law when they try to foreclose on your home, then you might have a case in court. If by them not following the law, you are deprived of your rights, then the court may rule in your favor when you contest the foreclosure in court. By contesting the foreclosure in court, you could get the foreclosure lawsuit dismissed or delayed. That means, you can stay in your home for much longer than you could have otherwise. By being able to stay in your home longer and stalling the foreclosure process, you will save a lot of money and buy yourself time to find another solution.
Examples of reasons a homeowner can use to contest a foreclosure
Attorneys can help you come up with all sorts of reasons why your foreclosure needs to be contested. For example, you may be able to convince the court that the terms of your loan are too unfair. If the judge agrees with you, then he or she may rule in your favor. If a homeowner can show that the lender took advantage of his or her in any way when signing up for the loan, he or she may be able to convince the judge to rule in his or her favor.
If you need a lawyer to help you, then here is a service to help you find just the right lawyer. The service is free and confidential.
Posted in Foreclosure Laws, Foreclosure Process, Ways to Avoid Foreclosure |
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