Discover Financial Freedom Without Losing Your Home and Vehicle
At the Rock Law Firm, we are passionate about helping the residents of the Greater Phoenix area find relief from their overwhelming debt. We can help you stop creditors from demanding collection of debts, repossessions, and foreclosure. We offer free consultations and zero-down filing to help you get out of debt rather than creating more. At the “nice guy” law firm, we use the Rock of Justice to help you recover. Contact the Rock Law Firm in Phoenix today!
Stop Repossession & Foreclosure
Automatic Stay During Bankruptcy Can Help With:
Negotiating Payment or Quick Sale
Silencing Debt Collectors
Secured debt is that which is charged against some form of collateral, most commonly a house or vehicle. Lenders are able to offer lower interest rates on these loans because they can simply take back the liened property. For instance, if you default on your mortgage, the bank can take the home back and resell it. Filing for bankruptcy stops the repossession or foreclosure process immediately upon filing and can help buy you time to either sell the property to pay off the debt or to negotiate a repayment plan.
If you are at risk of losing your home to foreclosure, filing for bankruptcy is a viable option to stop the process and prevent eviction. In the final discharge of your bankruptcy, you can likely keep your home.
In Chapter 7 bankruptcy, you can likely discharge your debt and reaffirm your home loan and car loan in order to keep both.
During a Chapter 13 bankruptcy filing, you can negotiate a repayment plan, negotiate a modification, or refinance to a fixed-rate mortgage to reduce your immediate financial burden and keep your home.
Arizona bankruptcy laws clearly define property exemptions as property, apartment, or a mobile home you occupy, and are exempt up to $150,000 as well as sale proceeds up to 18 months after sale or until a new home is purchased, whichever occurs first. To stop the eviction and foreclosure process, contact the bankruptcy legal team at the Rock Law Firm.
Repossession is similar to foreclosure in that it is a legal process by which a lender reclaims collateral in order to make good on a debt that is in default. Repossession can occur fairly easily because they are left in public spaces. Repossession also applies to other items that are financed.
When you declare bankruptcy, an automatic stay prevents your vehicle or other liened goods from being repossessed until the final discharge order is delivered. In some cases, you may still have to forfeit non-exempt property to use for payment of secured debts, while in other cases you will be able to keep the property and make good on your loan. Either way, you can rest assured that until the dust settles, you won’t have your things repossessed. When you work with the Rock Law Firm, we will help you determine what assets you can keep.
How Bankruptcy Can Help
When you file for bankruptcy, it initiates an “automatic stay,” which prohibits debt collection attempts and stops all repossession and foreclosure attempts.
Filing a Chapter 7 bankruptcy allows you the opportunity to eliminate most of your debt while providing you an opportunity to protect your home and vehicle. Funds from non-exempt property or possessions may be used to pay down the balance of your debts, before receiving a discharge of the rest.
Filing a Chapter 13 bankruptcy allows you to negotiate realistic repayment terms to give you the chance to catch up and make good on debt such as mortgage and taxes. Depending on the circumstances, you may also be able to discharge your unsecured debt. In some cases, you may be able to refinance your mortgage to make your payments more affordable.
Life happens and financial situations change. If you have been faced with a decrease in income or a major life event that has caused you to fall behind on payments, you have options, and filing for bankruptcy may give you the financial fresh start you need.
Filing a Chapter 13 bankruptcy allows you to negotiate realistic repayment terms to give you the chance to catch up and make good on your loan without losing your vehicle or home. In some cases, you may be able to refinance your property or possessions to make payments that are more in line with your current financial situation.
Partner with Phoenix’s Rock of Justice
At the Rock Law Firm, our experienced bankruptcy legal team offers the support you deserve with a zero-down filing. Let us help you find freedom from debt collectors and make positive steps for your financial future. Contact us for your complimentary consultation today!