Stop Home Foreclosure! Stop Trustee Sale!

Wondering if you should file a Chapter 13 or Chapter 7 bankruptcy? Our Bellevue bankruptcy attorneys are here to help .

If your debt spirals out of control, you may quickly find it difficult to keep up with your monthly mortgage payments. Missing too many payments could means losing your home to foreclosure. However, there may be a way to save your home from foreclosure by declaring bankruptcy. You may even be able to protect up to $125,000 work of home equity.

Most homeowners that miss a series of mortgage payments are hard-working people that fell victim to debt through no fault of their own. All it takes is one serious illness or losing one’s job to miss a few bills. Once you fall behind, it can be impossible to catch up. This is where our Bellevue Chapter 13 bankruptcy lawyers can help.

What is a “house saver bankruptcy?”

A Chapter 13 bankruptcy is often described as a “house saver bankruptcy” because it enables the filer to get caught up on their mortgage arrears.

Debt collection agencies, banks, and creditors don’t care whether you or a family member is sick. They only care about getting their money, and they are not above harassing you for it. If you qualify for Chapter 13 bankruptcy protection, you will essentially be put on a monthly payment plan that pays your secured creditors first. Your mortgage holder is a secured creditor.

The other non-secured debts are often discharged, sometime a full 100% discharged, after all of your plan payments have been made and your Chapter 13 bankruptcy is completed.

If you want to save your home from foreclosure, talk to one of our Bellevue bankruptcy attorneys today. We offer a free consultation, so you can find out whether filing bankruptcy makes it possible to save your home, without any cost or obligation.

Our King County home foreclosure lawyers can help you save your home.

• Filing for either Chapter 7 or Chapter 13 bankruptcy stops the foreclosure process.
• By filing Chapter 7, you may save enough money that you can use to get caught up on mortgage payments.
• Chapter 13 is called the “home saver” because your debt and mortgage arrears are consolidated into affordable monthly payments.
• Our Bellevue bankruptcy lawyers can answer all of your home foreclosure questions.

If you own a home, you probably have a lot invested in it. Not just money, but the memories of raising your family and pride in the fact you worked hard to own your home. The threat of foreclosure can make you feel like a failure, but this is far from the truth. Most people facing home foreclosure simply fell behind on bills and couldn’t get caught up, usually through no fault of their own.

Bankruptcy is not an admission of failure. Quite the contrary, it is often the best way to control debt and save your home from foreclosure. A Chapter 13 bankruptcy enables you to make monthly payments that you can afford so that you can get caught up on your mortgage.

The government created bankruptcy laws to protect you from falling victim to unmanageable debt, so now may be the time to take advantage of the opportunity. If you would like to stop foreclosure on your home, contact one of our Bellevue Chapter 13 bankruptcy lawyers and get the facts.

Bellevue, Washington and home foreclosure.

People want to move to Bellevue because it’s one of the most prosperous cities in America. Plus, there are countless things to do, whether you love fine dining, shopping, or spending time in the great outdoors. If you drive around Bellevue, you’re going to see some of the most beautiful homes in Washington, but they aren’t cheap. In fact, home prices are at an all-time high, which makes it that much easier to fall behind on mortgage payments.

 If you do fall behind, you may lose your home to foreclosure. Bankruptcy is a way to prevent foreclosure, but there are a lot of things to consider. Do you qualify for bankruptcy in Washington? Should you file Chapter 7 or Chapter 13? If you’re curious how many people in Western Washington file for bankruptcy every year, check out these statistics on the Bankruptcy Court’s website. You will quickly discover that filing for bankruptcy is far more common that you thought.

Chapter 7 or Chapter 13 – which is better for preventing foreclosure.

Both of these options will stop home foreclosure. However, your income will largely determine which option is available. If you earn less than the Washington median income level, you qualify for Chapter 7 bankruptcy. If you earn above the median income level, Chapter 13 is likely your only option. A means test is used to calculate whether you can file for Chapter 13 bankruptcy.

Chapter 7 does not provide a reliable long-term solution to foreclosure, but it can help you get caught up with payments. Chapter 13 is called the “house saver plan” for a reason. It allows one to consolidate debt and mortgage arrears into affordable monthly payments that last for 3 to 5 years. Best of all, much or all of your unsecured debt is discharged, so your money is going toward your mortgage and not to credit card debt or medical bills.

Contact one of our Bellevue home foreclosure attorneys for a free consultation.

Sometimes out of control credit card debt leads to wage garnishment. Lack of cash can then cause you to fall behind on mortgage payments, leading to home foreclosure. When you file for bankruptcy, wage garnishments immediately stop, which may provide enough cash to prevent foreclosure. Our Bellevue Chapter 13 bankruptcy lawyers offer a free consultation, so contact our law office today and find out whether you can save your home from foreclosure.

(425) 953-4061