A home foreclosure in Parker, Centennial and across Colorado can be scary and intimidating. If your home is in home foreclosure, it means you have been unable to keep up on your mortgage payments and your home is at risk of being seized by a lender. If you have missed mortgage payments, perhaps you have had an unexpected event happen, an emergency come up, or you have become overwhelmed by debt. Whatever the case, filing for a Chapter 7 or Chapter 13 bankruptcy is your best chance of saving your home. Continue reading about the benefits of filing a Chapter 7 or Chapter 13 bankruptcy in Colorado, and how a Chapter 7 or Chapter 13 bankruptcy could save your home from home foreclosure.
Save Your House in Aurora, Colorado: File a Chapter 7 Bankruptcy
Though an Aurora or Lone Tree Chapter 7 bankruptcy won’t eliminate the need to catch up on your mortgage payments, it will help you eliminate current debts which have become a burden for you to pay. A Chapter 7 bankruptcy in Aurora and Lone Tree, Colorado, is a liquidation bankruptcy. This means many of your debts will be liquidated, or wiped out. Some common debts that can be liquidated in a Chapter 7 bankruptcy include:
4.Government benefit payments;
When the burden of debt is released in a Chapter 7 bankruptcy, you may then be able to afford your mortgage payments and ultimately save your home from home foreclosure.
Reaffirm Your Mortgage in a Littleton Chapter 7 Bankruptcy to Keep Your Home
Have you heard of reaffirming a debt in a Littleton Chapter 7 bankruptcy? When you reaffirm a debt in Littleton or anywhere else in Colorado, it means you agree to pay off a debt after your bankruptcy case ends. In other words, you are responsible for paying that debt off completely – the same way you would have before filing for bankruptcy. When you decide to reaffirm a debt,
you sign a reaffirmation agreement. The reaffirmation agreement holds you accountable to paying that debt, allowing you to keep certain property / collateral (like a home). If you have decided you want to keep your home, reaffirming your mortgage might be an option. However, always speak with a Chapter 7 bankruptcy lawyer to be sure you can afford your mortgage payments after your bankruptcy case has ended. You might have enough disposable income once other financial obligations are eliminated. If that is not manageable, reaffirming your mortgage is not the most ideal option.
Consut experienced bankruptcy lawyer Barry Arrington to learn about protecting your home from foreclosure.
Filing a Centennial Chapter 13 Bankruptcy to Catch Up on Mortgage Payments
Unlike a Chapter 7 bankruptcy, a Centennial and Arapahoe County Chapter 13 bankruptcy is a reorganization bankruptcy. What this basically means is that you can rearrange your debt, freeing up space to regain financial footing. With a Chapter 13 bankruptcy, your Centennial bankruptcy lawyer will help you set up a repayment plan, which allows you to catch up on your debts over a period of three to five years. If you have fallen behind on your mortgage payments for any reason and you want to keep your home, you can begin catching up on those payments over the period of the Chapter 13 repayment plan.
Chapter 13 Lien Stripping: A Benefit to Filing Highlands Ranch Chapter 13 Bankruptcy
Another benefit to filing a Chapter 13 bankruptcy in Highlands Ranch, Douglas County or anywhere else in Colorado is that you have the option of stripping (removing) second or third mortgages. This will help release the burden of your mortgage debt. However, you may only strip a second or third mortgage if what is owed on your first mortgage is equal to or more than the value of your home. The stripped liens will then be considered unsecured debt and will typically be paid in your Chapter 13 repayment plan. These unsecured debts will also typically be discharged at the end of your Chapter 13 bankruptcy case. Lien stripping is a valuable but often complex process that should always be discussed with a competent Chapter 13 bankruptcy attorney in Colorado.
Greenwood Village Lawyer for Home Foreclosure – Call Barry Arrington Today
It is never easy to be in a situation of overwhelming debt, let alone fearing home foreclosure in Greenwood Village, Castle Rock or anywhere else in Colorado. You should always involve an experienced Greenwood Village Christian bankruptcy lawyer if you have more questions about how filing for bankruptcy could help save your home from foreclosure. Contact experienced bankruptcy lawyer Barry Arrington today to set up a free initial consultation.