Central and South Jersey Lawyer Helps Clients Avoid Foreclosure Through Bankruptcy
Facing Foreclosure? We Can Help Save Your Home!
When a homeowner falls behind in their mortgage payments, the lender will, at some point, likely begin the process of foreclosure – selling the home at a public auction to recoup some of the unpaid loan. For homeowners who are in over their head financially, learning the bank is making efforts to foreclosure and force you from your family home can be the final straw in an already devastatingly stressful situation.
There is hope. Experienced bankruptcy lawyer Joel R. Spivack has helped countless clients in Voorhees, Collingswood, Bellmawr and throughout Camden County, NJ delay foreclosure through Chapter 7 bankruptcy or even save their home by filing for Chapter 13 bankruptcy protection. Contact him today for a consultation about your personal financial situation.
SKILLED CHERRY HILL BANKRUPTCY LAWYER JOEL SPIVACK EXPLAINS HOW THE AUTOMATIC STAY DELAYS FORECLOSURE
The idea of filing for bankruptcy protection is more than a little bit upsetting to most people who find themselves in overwhelming debt. However, there are at least two positive aspects to filing for either a Chapter 13 or Chapter 7 bankruptcy.
The first benefit is that filers enjoy what’s known as the “automatic stay.” Once you file for bankruptcy, the court will issue an order that will prevent your creditors – at least in the short term – from continuing to collect the debts you owe. This means the harassing phone calls, emails and letters stop immediately.
Additionally, the automatic stay delays a foreclosure sale. In fact, the law says that the sale must be postponed while the bankruptcy is pending; this could be up to four months. There are some exceptions to this rule; speak with Mr. Spivack right away to learn more about how the automatic stay impacts foreclosure.
The second important benefit that bankruptcy provides is eventual peace of mind. You know that when you start out on the road to bankruptcy, at some point you will be ready to begin rebuilding your financial credit and get a fresh new start. Mr. Spivack can advise you rebuilding your credit after bankruptcy, as well.
IF I FILE FOR CHAPTER 7 OR CHAPTER 13 BANKRUPTCY, WILL I LOSE MY HOME EVENTUALLY?
Not necessarily, but it depends on a variety of things including which type of bankruptcy protection you file for. Foreclosure law and bankruptcy law are complex. It is not advised to go through either process without a knowledgeable lawyer like Joel R. Spivack providing legal guidance and protecting your interests.
If you file for Chapter 13 bankruptcy, you may be able to keep your home. Through this form of protection, you will have to agree to – and be able to – pay the late, unpaid payments and continue payments on a revised schedule. Of course, you will need to have the income to pay back what you owe and continue meeting the obligations set in the repayment plan.
On a positive note, Chapter 13 bankruptcy often discharges or “strips” second or third mortgages, so you will have that additional money to use to pay back your first loan. If you are able to accomplish all of this, you will have successfully avoided foreclosure.
If you are unable to adhere to a repayment plan, it’s more likely you will have to file for Chapter 7 bankruptcy protection. Unfortunately, going this route will usually mean you will have to forfeit your home to foreclosure. However, filing for Chapter 7 bankruptcy will still delay the foreclosure process, thereby allowing you to remain in the home for a few months more.
A lot can happen in a few months; perhaps you will be able to work out an arrangement with your lender. At the very least, since you won’t be paying anything toward the house during the foreclosure process, you can essentially live there for free for a while. This will allow you to save some money you can use to begin anew.
The prospect of losing the home you’ve raised your family in, the house you’ve worked so hard to maintain, can be understandably devastating. The silver lining, however, is that bankruptcy will put you on better financial footing. Speak to Joel R. Spivack today for more information about how you may be able to avoid or delay foreclosure through bankruptcy. He represents clients throughout South Jersey including Gloucester Township, Gloucester City, Lindenwold and Clementon.
Don’t Lose Your Home to Foreclosure! Talk with an Experienced NJ Bankruptcy Lawyer about Your Options Today!
When overwhelmingly debt has pushed you to the brink of losing your home to foreclosure, you have two options: you can allow the bank to seize your home and walk away or you can take all legal steps to keep your family in your home. Don’t go down without a fight!
For more than 25 years, Cherry Hill NJ lawyer Joel R. Spivack has helped countless good people in Camden County, like you, who have fallen behind on their mortgage payments and are at risk of losing their homes to foreclosure. With expertise in two areas of law – real estate and bankruptcy – rest assured that Mr. Spivack will be able to advise you about all your options and be by your side every step of the way. Contact the Law Office of Joel R. Spivack today for an initial consultation about your personal financial situation.