It is possible to avoid Foreclosure in Washington, DC through bankruptcy. This process allows you to include your primary residence within the claim. With this addition to your claim, it prevents foreclosure and assists you in catching up late payments. The process affords you with more time to settle your debts. Typically, this is between three and five years based on the judge’s approval and overall balance of your debts. To determine if bankruptcy is the right choice for you contact your preferred attorney today.
What is Chapter 13?
Chapter 13 bankruptcy is an option for individuals with an extraordinary amount of debts. These cases allow you to present information about your debts to a judge for consideration. He or she allows your creditors to make decisions concerning your claim in terms of inclusion of their accounts. This implies that any debts that are not included are still your responsibility and you must arrange alternative payment arrangements with the creditors.
The typical time allowance for bankruptcy is three to five years in which you have to pay off the debts. After the allowed time the claim is discharged. Whether you are required to pay any additional funds to the include creditors or not is up to the judge.
Chapter 13 Bankruptcy Attorney
Andrews Law affords you with a bankruptcy attorney that is knowledgeable in terms of bankruptcy claims. The attorney assists you by explaining this process and its benefits. This allows you to determine whether it is the right choice for you. In chapter 13 bankruptcy, your debts are reorganized. This attorney assists you in determining which debts should be included in your claim. To learn more about these claims and how they can assist you contact this law firm today or visit Andrewslaw.net.
With Foreclosure in Washington, DC, you stand a chance of losing your home. In foreclosure, the lender sells the property through auction or short sale options. Unfortunately, this does not always assist them in recovering the full balance of your mortgage when this occurs you are responsible for the remaining balance. You can avoid foreclosure by filing for bankruptcy. This allows you to reorganize your debts including your mortgage through an alternative payment plan.